ED searches five locations in Vizag in PMLA case
Hyderabad: Directorate of Enforcement (ED), Visakhapatnam Sub-zonal office has conducted search operations at five locations in Visakhapatnam, Andhra Pradesh under the provisions of the Prevention of Money Laundering Act (PMLA)-2002 in connection with investigation regarding fraudulent alienation of land measuring 12.51 acres having market value of more than Rs.200 crore allotted by the Andhra Pradesh government for the purpose of housing for old-age people and orphans.
The ED initiated investigation on the basis of FIR registered by Arilova police station in Visakhapatnam under various sections of IPC- 1860 against Gadde Brahmaji, Gannamaneni Venkateswara Rao and MVV Satyanarayana for forging signatures, fabricating sale documents and coercion to grab 12.51 acres of land allotted by the AP government for construction of homes for senior citizens and orphans.
The ED investigation revealed that land to an extent of 12.51 acres located in Yendana village, Visakhapatnam was allotted by the AP government in 2008 to Hayagreeva Farms and Developers, Visakhapatnam for construction of cottages for old-age people and orphans.
The land was registered in the name of Hayagreeva Farms and Developers in 2010 on payment of Rs. 5.63 crore approximately However, as per records of Andhra Pradesh Registration and Stamps Department, the market value of the property as on the date of conveyance deed was around Rs. 30.25 crore.
Further, investigation has revealed that after the accused fraudulently acquired the ownership of the said land, it was divided into small plots and alienated from 2021 onwards via means of registered agreements of sale and sale deeds to various persons thereby generating Proceeds of Crime of more than Rs. 150 crore.
Searches conducted at the residences and office premises of the accused persons resulted in the recovery and seizure of digital devices and incriminating documents in the form of benami pattadar passbooks; more than 300 sale deeds of immovable properties acquired in the name of Venkateswara Rao, Satyanarayana and their family members; cash transactions of more than Rs. 50 crore in the acquisition of immovable properties, etc.