Miyapur scam-accused R Srinivasa Rao's properties raided
At least Rs 14 crore assets unearthed in Hyderabad, Medak.
Hyderabad: Anti-Corruption Bureau officials on Tuesday conducted raids on multiple houses and other buildings owned by tainted Kukatpally Sub Registrar R. Srinivasa Rao, one of the accused in the Miyapur land scam, across Hyderabad and Medak district.
ACB officials found that Rao had been making investments in various companies and had registered shell companies in his family members’ names in order to park the illegal cash in bank accounts. Although the total worth of Rao’s disproportionate assets is yet to be calculated, sleuths have seized 17 credit cards and counted Rs 14 crore in assets so far after the raids. The ACB is also raiding houses of Rao's associates and relatives, who are his benamis.
Rao maintained at least a dozen accounts in his name and his family members’ names and had deposited crores of rupees. “The searches revealed that Rao had acquired properties in his name and in the names of his family members and other benamis.
They also showed that he had opened as many as 12 bank accounts in his name, his son Kanishka’s name and in the names of three shell companies,” a senior ACB official said.
“Rao deposited crores of rupees of illegally collected money into bank accounts opened in the name of his shell companies, M/s Hasini Power Projects, M/s Jayasri Enterprises and M/s Padmanabha marketing Pvt. Ltd.,” the official added.
He also invested money in other companies named M/s North Star Homes, M/s Manjeera Holdings, and M/s I-Con Construction Company.
Rao, his family members and the benamis are in possession of six residential plots, worth about Rs 1.27 crore and 11 acres of land at Moosapet village, Narsapur mandal, Medak district, worth Rs 11.52 lakh.
On May 28, Cyberabad police had unearthed a multi-crore scam and arrested Srinivasa Rao for illegally transferring 693 acres of government land to private companies. Police had also arrested P.V.S. Sharma, 72, director of Goldstone Infratech, and P.S. Parthasarathi, director of Trinity Infraventures Ltd.