HYDERABAD: The Directorate of Enforcement, Hyderabad Zonal Office, has provisionally attached immovable properties worth Rs 14.63 crore under the Prevention of Money Laundering Act in connection with a case involving Sai Surya Developers and others for allegedly cheating multiple depositors by promising plots in real estate projects. The attached assets include land parcels in the name of Sai Surya Developers.
The probe was initiated based on several FIRs registered by Telangana police against Sathish Chandra Gupta, proprietor of Sai Surya Developers, under various sections of the IPC. As per the chargesheet, Sathish collected money from complainants but failed to register the promised land in their favour.
The ED said its investigation revealed a “well-planned” fraudulent scheme involving unauthorised layouts, sale of the same plots to multiple buyers, collection of funds without valid agreements, and false assurances of registration. These acts, it said, were carried out with a dishonest intent to deceive investors.
Investigators found that multiple bank accounts were operated in the names of Sathish, his family members and associated firms. The total proceeds of crime identified so far stand at Rs 14.63 crore, collected through cheques, bank transfers and cash. The agency said the funds were layered through a network of inter-account transfers to conceal their origin and later diverted, resulting in losses to investors.