Hyderabad: Enforcement Directorate (ED) has seized Rs 72 lakh in unaccounted cash and unearthed a network of suspicious financial dealings linked to suspended HMDA director Siva Balakrishna.
The agency conducted searches at multiple locations in Hyderabad, uncovering incriminating documents tied to high-value real estate transactions and shell ownerships.
Probe triggered by ACB FIR on Disproportionate Assets
The ED’s investigation stems from an FIR filed by the Anti-Corruption Bureau (ACB), which alleged that Balakrishna amassed assets vastly disproportionate to his known sources of income.
The case also pointed to the use of family members, close associates, and benamis to acquire both movable and immovable assets.
Illegal Project Clearance: Udaya SSV Deal Under Lens
A major lead in the case was a separate FIR related to alleged illegal gratification received by Balakrishna for clearing a high-rise project of Udaya SSV Projects in Narsingi.
This prompted the ED to launch targeted searches at the residences and offices of directors from three prominent real estate firms—Udaya SSV Projects, Quorizon Spaces, and Sree Krishna Constructions.
Incriminating Documents, Links with Realtors Found
During the raids, ED officials recovered key documents indicating questionable financial transactions and strong links between Balakrishna and several realtors. Evidence suggests that he allegedly routed proceeds of crime through real estate operators and used vehicles registered in their names.
Earlier raids pointed to property holdings, financial Misdeeds
This is the second major operation in the case. Earlier, on July 2, the ED had searched the residences of Balakrishna and his brother, seizing documents related to property holdings and suspected financial irregularities. Those findings laid the groundwork for the recent round of searches.
Family accounts show substantial deposits
The ED also flagged substantial cash deposits in the bank accounts of Balakrishna’s family members, adding to suspicions of a broader money laundering network. Officials believe that illicit payments received from builders in return for plan approvals and land use changes were diverted into personal and benami holdings.
Investigation expands to track fund trail
With the seizure of unaccounted cash and documentary evidence, the ED is now expanding its probe to trace the complete trail of illicit funds and identify others involved in the network. More summons and questioning are likely in the coming weeks as the agency tightens its grip on what appears to be a multi-layered corruption racket, the officials said.
