Hyderabad: TS-RERA secretary and former director of the Hyderabad Metropolitan Development Authority (HMDA) was arrested by the Anti-Corruption Bureau (ACB) officials at 3 am on Thursday, January 25.
A case of disproportionate assets was booked against Shiva Balakrishna after the ACB seized Rs 84 lakh cash, 2 kg gold, and 5.5 kg of silver.
The ACB suspects that Balakrishna’s wealth was likely amassed at over Rs 300 crore to Rs 400 crore, including flats, bank accounts, and benami holdings.
The ACB launched a massive search operation at the residence of former HMDA Director, Shiva Balakrishna and his close relatives on Wednesday.
A total of 14 teams are involved in the searches at various locations linked to Balakrishna, including his house, relatives’ residences, and properties associated with him. The operation was initiated based on information suggesting that Balakrishna accumulated significant assets through alleged illegal means.
The searches started on Wednesday morning and continued for 24 hours following which he was arrested.
As part of the investigation, the ACB is yet to access bank lockers and verify other properties such as lands, stock market shares, and additional deposits.
The officials reportedly faced challenges during the operation, as Balakrishna’s relatives were non-cooperative. The ACB is determined to thoroughly investigate the allegations and ensure a comprehensive examination of Balakrishna’s financial dealings, a senior official said.