HYDERABAD: The Directorate of Enforcement (ED) Hyderabad Zonal Office has conducted searches at three locations in Hyderabad under the Prevention of Money Laundering Act (PMLA) in a disproportionate assets case involving Siva Balakrishna, the suspended director of the Hyderabad Metropolitan Development Authority (HMDA) and secretary-in-charge of the Telangana Real Estate Regulatory Authority (TSRERA), along with others.
The ED launched its investigation following an FIR filed by the Anti-Corruption Bureau (ACB) in Hyderabad, which accused Siva Balakrishna and his associates of amassing assets disproportionate to their known sources of income. The FIR alleged that Balakrishna acquired properties in his name, his family members’ names, and through benami (proxy) holders.
Investigations revealed that Balakrishna allegedly received illicit funds from builders in exchange for favours, including sanctioning building plans and altering land use permissions. These proceeds of crime were reportedly used to acquire movable and immovable properties, registered under his name, his family members, and his associates. The ED also uncovered significant cash deposits in the bank accounts of Balakrishna’s family members.
Earlier, on July 2, the ED conducted searches at the residences of Siva Balakrishna and his brother, seizing incriminating documents and property details. These documents exposed suspicious transactions and Balakrishna’s ties with several realtors, including evidence of him parking illicit funds with real estate firms and using vehicles registered in their names. A second FIR by the ACB implicated Balakrishna in accepting illegal gratification for clearing a high-rise project by M/s Udaya SSV Projects in Narsingi, Hyderabad.
The latest searches took place at the premises of directors and partners of three real estate companies -- M/s Sree Krishna Constructions, M/s Quorizon Spaces, and M/s Udaya SSV Projects. These operations resulted in the seizure of incriminating documents and `72 lakh in unaccounted cash, further strengthening the case against Balakrishna and his associates.
The ED is continuing its probe into the money laundering network, focusing on the trail of illicit funds and benami properties linked to the suspended official and his real estate connections.