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Sub-registrar’s house raided, Rs 14 crore assets unearthed by ACB

ACB officials on Tuesday conducted raids on the houses of sub-registrar Rachakonda Srinivas Rao and his aides, and unearthed disproportionate assets worth 14 crore in possession of the sub-registrar.

Published: 14th June 2017 04:40 AM  |   Last Updated: 14th June 2017 04:40 AM   |  A+A-

By Express News Service

HYDERABAD: Anti-Corruption Bureau officials on Tuesday conducted raids on the houses of sub-registrar Rachakonda Srinivas Rao and his aides, and unearthed disproportionate assets worth `14 crore in possession of the sub-registrar. 

The officials found that the officer had floated four false companies to ensure easy financial transactions. The sub-registrar was one of the accused in the false registration of lands in Miyapur.

ACB officials, who learnt that the accused was in possession of assets disproportionate to his earnings, raided his house and,  during searches, found that Srinivasa Rao acquired properties in his name and in the names of his family members and benamis.

He opened 12 bank accounts in his name, his son Kanishka’s name and in the names of three firms _ Hasini Power Projects, Jayasri Enterprises and Padmanabha Marketing Pvt Ltd (revived by Srinivasa Rao) _ and deposited crores of rupees of ill-gotten money into those accounts, said ACB DSP Sunitha Reddy.

“He invested `19 crore in Hasini Power Projects, `1.93 crore in North Star Homes, `50 lakh in Manjeera Holdings and `8.5 crore in I-Con Construction Company Pvt Ltd. It also came to light that Rao, his family members and the benamis were in possession of six plots worth about `1.27 crore and 11 acres of land at Moosapet village worth `11.52 lakh. The total value of the assets unearthed so far is about
`14 crore,” ACB director-general J Purnachander Rao said.

The searches were conducted at the sub-registrar’s house in Bowenpally and 10 other places of his relatives in Hyderabad and Sangareddy. ACB officials are likely to submit a detailed report on the searches conducted so far at all the sub-registrar’s offices in the state to the government. 

CM rules out CBI probe
Dismissing the demand for a CBI probe into the Miyapur land scam, chief minister K Chandrasekhar Rao asserted that the state exchequer did not lose a single rupee by the fraudulent registration of lands. Rao, who held a high-level meeting with officials, directed the latter to furnish all the info regarding Miyapur lands to the SC judge so that the govt could protect its lands. Rao also directed the officials to come out with a policy on reforming stamps and registration department.

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