Multiple Raids Conducted in Hyderabad as ED Probes Real Estate Fraud Involving Local Developers
The Enforcement Directorate (ED) has carried out searches at multiple locations in Hyderabad as part of a money laundering probe involving two real estate companies — Sai Surya Developers and Bhagyanagar Properties. The probe is based on an FIR filed by the Cyberabad Police’s Economic Offences Wing, which had earlier arrested K Sathish Chandra Gupta and Narendra Surana. They were accused of cheating a client by taking ₹1.45 crore as advance payment for a land deal involving a fabricated and unauthorized layout.
According to officials, the accused entered into a sale agreement with a buyer, Pothuganti Gopal Reddy, for a total of ₹3.25 crore and collected a partial amount in February 2023. The land in question was located at Vattinagulpally, and the project names floated were Sai Tulasi Enclave – IV and Shanmukha Nivas. However, the registration never took place, and the accused went missing after taking the money.
Gupta, originally from Nellore and proprietor of Sai Surya Developers, is already known to authorities as a repeat offender. Investigators revealed that at least 11 similar cases have been registered against him in the past, involving the same method of collecting advances under false pretenses through unreal or unauthorized real estate projects. The police have also identified Narendra Surana, who is linked to Bhagyanagar Properties, as his associate in the current case.
The ED’s ongoing investigation is focused on identifying the flow of money and tracking down any assets purchased using the defrauded funds. The aim is to uncover the full extent of financial gains made through these fraudulent activities. The raids were aimed at gathering documents, digital records, and any evidence related to the laundering of funds collected from multiple victims.
The ED believes that proceeds of crime may have been routed through different entities or invested in other properties to mask the origin of the funds. Efforts are also on to identify any shell companies or benami assets that might have been created to divert the money. The findings of this case could potentially open up further investigations into similar fraudulent schemes operated by these and other developers.
The real estate sector in Hyderabad has seen a rise in such deceptive practices in recent years, with several developers luring buyers through unauthorized projects. Regulatory bodies and law enforcement agencies have been trying to crack down on such schemes, but repeat offenders continue to exploit legal loopholes and the trust of unsuspecting buyers.
With Gupta’s history of similar offences and the scale of funds involved in the current case, authorities are treating this as a serious instance of organized financial fraud. Further action will depend on the findings of the ED’s analysis of the documents and digital data seized during the raids.
