HYDERABAD: The Enforcement Directorate (ED) conducted searches at three locations in Hyderabad on Wednesday as part of an ongoing money laundering probe involving real estate companies.
The searches targeted premises linked to Sai Surya Developers and Bhagyanagar Properties, promoted by K Sathish Chandra Gupta and Narendra Surana respectively.
The ED action follows a First Information Report registered by the Cyberabad Police’s Economic Offences Wing, which earlier arrested the two real estate promoters in November 2024. The accused allegedly defrauded a client by collecting Rs 1.45 crore as advance payment for a plot in a fabricated and unauthorised layout.
According to police, Sathish Chandra Gupta, a native of Nellore and proprietor of Sai Surya Developers, along with co-accused Narendra Surana, created fictitious ventures named Sai Tulasi Enclave – IV and Shanmukha Nivas on the same parcel of land located at Vattinagulpally.
They entered into a sale agreement with Pothuganti Gopal Reddy, a resident of Nacharam, for Rs 3.25 crore and collected a partial payment in February 2023. The promised registration never took place, and the accused absconded after taking the funds.
Investigators revealed that Gupta is a repeat offender, with 11 similar cases previously registered against him, all involving fraudulent real estate schemes using the same method.
The ED’s raids aim to trace the proceeds of crime and identify any assets acquired through the laundered funds.