The Enforcement Directorate (ED) on April 16 searched multiple premises linked to the Hyderabad-based Surana Group and Sai Surya Developers in connection with a money laundering investigation, sources said.
The agency carried out coordinated raids in Secunderabad, Jubilee Hills, and Bowenpally areas of the twin cities of Hyderabad and Secunderabad the properties associated with the two firms.
While separate searches are on, both groups are under the ED scanner for alleged financial irregularities, sources said.
The investigation stems from multiple cheating and breach of trust complaints against Sai Surya Developers, which has reportedly triggered a wider money-laundering probe.
Sai Surya Developers, a prominent real estate player headquartered in Vengal Rao Nagar, has faced criminal cases due to project delivery delays.
Its proprietor, Sri Kancharla Satish Chandra Guptha, was earlier booked for fraud in the Green Meadows venture — a real estate project spread across 14 acres in Shadnagar.
Actor Mahesh Babu was the brand ambassador for the venture.
A complaint filed at Madhura Nagar police station by 32-year-old software engineer Nakka Vishnu Vardhan alleged that he, along with several other individuals, invested more than Rs 3.21 crore in the Green Meadows project in April 2021.
Despite multiple follow-ups, investors did not receive the promised land development or registration, the complaint alleged.
Others investors in the project include Dr Sudhakar Rao, Srikakulma Vital Mahesh, Rajesh, Srinath, K Harish, Kotla Shashank, Ch Ravi Kumar, K Prabhavathi, Venkat Rao, and Krishna Mohan, sources said.
The Hyderabad-based Surana Group is a diversified conglomerate with interests in telecommunications, copper rods, copper pipes, copper sheets, copper foils and power cables. It is also involved in wind and solar power, infrastructure, entertainment and tourism.
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