Shiva Balakrishna now faces a case of unaccounted assets.
Luxury watches and gold jewellery were among the assets worth Rs 100 crore recovered from a real estate official during anti-corruption raids in Hyderabad. Rs 40 lakh in cash and dozens of electronic gadgets were also seized in the disproportionate case by the Anti-Corruption Bureau (ACB).
Shiva Balakrishna, secretary of Telangana State Real Estate Regulatory Authority (TSRERA) the former Director of Hyderabad Metropolitan Development Authority (HMDA), had amassed crores by allegedly facilitating permits for numerous real estate companies, alleged the ACB.
The searches were being held in 20 locations including his and his relatives' houses and offices. The raiding teams have combed through the offices of the HMDA and RERA too. Mr Balakrishna's home and other key locations linked to the probe were also raided.
The raids revealed flats, bank deposits, and benami holdings after allegations that his amassed assets were beyond his known sources of income.
The seized items include Rs 40 lakh in cash, two kilos of gold jewellery, 60 high-end wristwatches, property documents, and substantial bank deposits. 14 phones, 10 laptops, and several electronic gadgets have been confiscated.
Mr Balakrishna now faces a case of unaccounted assets. He is suspected to have exploited his official position to accumulate massive wealth. The ACB was also going through his bank lockers and other undisclosed assets.