The ED attached 14 immovable properties worth Rs 42.03 crore and six movable properties valued at Rs 2.71 crore
Hyderabad:The Enforcement Directorate (ED) has attached properties worth `44.75 crore belonging to former YSRC MP M.V.V. Satyanarayana. Of this, 14 are immovable properties worth `42.03 crore and six are movable properties worth `2.71 crore.
The attachment was executed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an investigation into the fraudulent alienation of 12.51 acres of land. This land was allotted by the undivided AP government to Hayagreeva Farms and Developers for the purpose of housing for elderly people and orphans in Visakhapatnam.
The attached properties, located in Visakhapatnam, belong to MVV Builders, Hayagreeva Infratech Projects Ltd, Gadde Brahmaji and his wife (not named), Chilukuri Jagadeeswarudu, Chilukuri Radha Rani, Hayagreeva Projects, and Varanasi Dileef.
The agency initiated the investigation based on an FIR registered by the Arilova police station in Visakhapatnam against Gadde Brahmaji, Gannamani Venkateswara Rao, and Satyanarayana for forging signatures, fabricating sale documents, and using coercion to grab the 12.51 acres of land allotted by the AP government for the construction of homes for senior citizens and orphans.
The ED investigation revealed that 12.51 acres of land in Yendana village, Visakhapatnam, was allotted by the AP government in 2008 to Hayagreeva Farms and Developers for the construction of cottages for elderly people and orphans. The land was registered in the name of Hayagreeva Farms and Developers in 2010 upon payment of `5.63 crore. However, as per the records of the AP registration and stamps department, the market value of the property at the time of the conveyance deed was `30.25 crore.
Further investigation revealed that in 2020, Brahmaji, in connivance with Venkateswara Rao and Satyanarayana, entered Hayagreeva Farms and Developers as a partner. Between 2021 and 2022, the land was sold through more than 30 sale deeds and agreements, and the sale proceeds were transferred to Brahmaji, MVV Builders, Chilukuri Jagadeeswarudu, Hayagreeva Infratech Projects, and Varanasi Dileef.
The ED investigation also found that Jagadeeswarudu had generated proceeds of crime (POC) — money — by entering into agreements for the sale of land with eight individuals between 2010-2011 and 2019, and utilised the money for his benefit. Through this fraudulent scheme, money amounting to `87.64 crore was generated and misappropriated by the accused.
