HYDERABAD: The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in Hyderabad, including the residences of former HMDA director (town planning) Shiva Balakrishna and his relatives, in connection with illegally acquired properties and suspected money laundering.
Based on an FIR filed by the ACB, the ED registered an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA) and is investigating the matter. The investigation is examining whether funds were transferred to Balakrishna as part of a quid pro quo arrangement through illegal means. Officials have also sought documents related to land and other financial transactions.
Earlier, the ACB had arrested Balakrishna along with his brother, Shiva Naveen Kumar, in a disproportionate assets case. Both were later released on bail granted by the Nampally court. Following the bail orders, the ACB arrested a few more individuals connected to the same case.
In January 2024, the ACB raided the houses of Balakrishna and his relatives. During the raids, assets worth crores were seized. According to an ACB statement, the teams recovered Rs 99.60 lakh in cash, 1.9 kg of gold ornaments and 6 kg of silver articles.
Documents related to movable and immovable properties valued around Rs 5.96 crore were also found. The ACB stated that the total value of the assets identified during the searches was Rs 8.26 crore, while the market value of the assets is likely to be considerably higher.
Sections 13(1)(b) and 13(2) of the Prevention of Corruption Act, 1988, have been invoked against Balakrishna.
Officials have reportedly found that after acquiring disproportionate assets, Balakrishna registered some of the properties in the names of associates. The accused allegedly created multiple shell companies to launder ill-gotten money.