The Directorate of Enforcement (ED), Hyderabad Zonal Office, conducted searches at four locations in Hyderabad and Secunderabad on Wednesday (April 16) in connection with an ongoing money laundering probe against M/s Sai Surya Developers and others. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
During the raids, officials seized incriminating documents detailing the amounts collected through fraudulent practices, as well as records of unaccounted cash transactions amounting to approximately ₹100 crore. Additionally, unaccounted cash totalling ₹74.50 lakh was recovered from the premises of Narendra Surana and companies under the Surana Group.
The investigation stems from multiple FIRs filed by Telangana Police against director of Bhagyanagar Properties Ltd. Narendra Surana, proprietor of Sai Surya Developers K. Sathish Chandra Gupta and several others. They have been booked under various sections of the IPC for allegedly cheating investors by collecting advance payments for plot sales and failing to honour agreements.
According to the ED, the accused were involved in fraudulent real estate schemes which included the development of unauthorised land layouts, selling the same plots to multiple buyers, taking payments without valid agreements, and making false promises regarding registrations. These actions resulted in significant financial losses to unsuspecting investors.
The agency stated that the accused intentionally misled the public, generating large sums of illicit money. The proceeds of crime were allegedly diverted and laundered for the personal benefit of the accused and associated entities. The ED has confirmed that further investigation into the matter is ongoing.
Published – April 17, 2025 08:16 pm IST