HYDERABAD: The Enforcement Directorate (ED) on Wednesday conducted searches at the offices and residences of the managing directors and staff of Surana Group and Sai Surya Developers across Jubilee Hills, Secunderabad and Bowenpally.
The searches are part of an ongoing investigation into alleged money laundering activities. According to ED officials, 10 teams were involved in the searches. The two companies, which had entered into a joint venture for a real estate project, are under scrutiny for allegedly collecting funds from customers without delivering on commitments.
The Surana Group is already facing multiple criminal cases, including one under investigation by the CBI, related to cheating and breach of trust. In one case, the group is accused of collecting Rs 3 crore from a software engineer for plots that were reportedly already sold. The funds were allegedly diverted to other entities.
ED officials suspect that the Surana Group used fabricated documents to secure loans from Chennai-based banks. MDs Narendra Surana of Surana Group and K Sathish Chandra Gupta of Sai Surya Developers are being investigated for allegedly collecting large sums as advance payments for unauthorised layouts using fabricated documents.
Sources said the ED suspects both companies of having diverted customer funds to other business ventures. The agency had earlier attached properties worth over `11 crore belonging to the Surana Group in connection with previous cases. The searches were continuing into the late hours of Wednesday. Teams are expected to expand the probe to include two additional companies in the energy and renewable energy sectors.