Enforcement Directorate
Hyderabad: The Enforcement Directorate (ED) has attached properties worth Rs 14.63 crore belonging to real estate firm Sai Surya Developers under the provisions of the Prevention of Money Laundering Act (PMLA), in connection with an alleged fraudulent real estate scheme.
According to an official statement, the agency initiated action after allegations surfaced that the firm had cheated multiple depositors by selling the same plots to more than one buyer.
The ED’s investigation revealed that the company had collected large sums of money from customers on the promise of registration, but failed to execute the sale deeds as promised.
The probe was launched on the basis of an FIR registered by the state police. During the course of the investigation, the ED found that funds were mobilised through cheques, bank transfers, and cash transactions.
The agency further stated that the accused allegedly engaged in layering of funds through multiple bank accounts to conceal the source of money. Transactions were traced to accounts held by family members and related entities in an attempt to disguise the proceeds of crime.
The ED concluded that the fraudulent activities resulted in substantial financial losses to depositors while generating wrongful gains for the accused.
Further investigation into the case is underway.
This post was last modified on March 1, 2026 7:17 am