Teams of the Enforcement Directorate (ED), which recently raided the residence and properties of former MP and YSRCP leader M.V.V. Satyanarayana for his alleged connection to a land-grabbing case, said an area of 12.51 acres of land was fraudulently alienated and sold to various persons, generating over ₹150 crore.
In a press release, the ED said that its Sub-Zonal Office in Visakhapatnam conducted the raids under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. “Promoters of Hayagreeva Farms and Developers, which was given land for construction of cottages for elderly people and orphans in Visakhapatnam in 2008, fraudulently acquired ownership of the said land by dividing it into small plots. The plots were sold to various persons generating more than ₹150 crore for the promoters,” the press release said.
The ED said it started an investigation based on a First Information Report (FIR) registered against Mr. Satyanarayana, Gadde Brahmaji, and Gannamaneni Venkateswara Rao by the Arilova police over allegations of forgery of signatures, fabrication of sale documents and coercion to grab the 12.51 acres of land.
The ED said its investigation revealed that the 12.51 acres of land allotted by the State government was registered in the name of Hayagreeva Farms & Developers in 2010 after a payment of nearly ₹5.63 crore.
“The market value of the said property as on the date of the conveyance deed was around ₹30.25 crore as per the records of the Andhra Pradesh Registration & Stamps Department,’’ the ED said.
“Investigation has further revealed that after allegedly acquiring the ownership of the said land fraudulently, the accused have divided the land into small plots and started alienating it from 2021 onwards by registered agreements of sale and sale deeds to various individuals. This has generated proceeds of crime of more than ₹150 crore,’’ the ED said in the statement.
Following the searches at the residences and office premises of the accused persons, the ED seized digital devices and incriminating documents in the form of benami pattadar passbooks; more than 300 sale deeds of immovable properties acquired in the name of Mr. Venkateswara Rao, Mr. Satyanarayana and their family members, and cash transactions of more than ₹50 crore in the acquisition of immovable properties, etc., the statement said.
Published - October 21, 2024 09:19 pm IST
