Directorate of Enforcement (ED), Visakhapatnam Sub-zonal Office conducted search operations at five locations in Andhra Pradesh's Visakhapatnam on October 19 in a case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an ED release, the raids were conducted in connection with an investigation regarding the fraudulent alienation of land measuring 12.51 acres (having a market value of more than Rs 200 crore) allotted by the Andhra Pradesh government for housing for old-age people and orphans.
The ED initiated an investigation based on an FIR registered by Arilova Police Station, Visakhapatnam, Andhra Pradesh under various sections of IPC, 1860 against Gadde Brahmaji, Gannamaneni Venkateswara Rao, and MVV Satyanarayana for forging signatures, fabricating sale documents and coercion to grab 12.51 acres of land allotted by the Andhra government for construction of homes for senior citizens and orphans, the release mentioned.
Further, the ED investigation revealed that land to an extent of 12.51 acres located in Yendana village, Visakhapatnam was allotted by the AP Government in 2008 to Hayagreeva Farms & Developers, Visakhapatnam for the construction of cottages for old-age people and orphans. The said land was registered in the name of Hayagreeva Farms & Developers in the year 2010 on payment of Rs 5.63 crore (approx.).
However, as per records of the Andhra Pradesh Registration and Stamps Department, the market value of the said property as of the date of the conveyance deed was around Rs 30.25 crore, the release said.
Further, the investigation revealed that after the accused fraudulently acquired the ownership of the said land, it was divided into small plots and alienated from 2021 onwards via means of registered agreements of sale and sale deeds to various persons thereby generating Proceeds of Crime of more than Rs 150 crore, the agency mentioned in the release.
Searches conducted at the residences and office premises of the accused persons resulted in the recovery & seizure of 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 Gannamaneni Venkateswara Rao, MVV Satyanarayana and their family members; cash transactions of more than Rs 50 crore in the acquisition of immovable properties, etc, it added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
NDTV In Ukraine: Odessa Resilient Despite Russian Attacks
Probe Agency Links Assets Worth Rs 4 Crore To Chinese Man In Money Laundering Case CBI Arrests Probe Agency ED Official Over Rs 20 Lakh Bribe "5,000 Laundering Cases, 40 Convictions": Probe Agency Gets Supreme Court's Rap Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History 2 More Exit Polls Predict Landslide For NDA In Maharashtra This Asian City Is Emerging As Sex Tourism Hub. It's Not Where You Think Indian Army Chief Bestowed With Rank Of Honourary General Of Nepali Army Karnataka's Nandini Dairy Brand Enters Delhi NCR With Competitive Pricing Pollution Control Body Orders Filling Critical Gaps In Enforcing Rules Track Latest News Live on NDTV.com and get news updates from India and around the world.