ED probes charges of Rs 150 cr fraud in ex-MP’s house in Vizag
21 Oct 2024 4:42 PM GMT
Enforcement Directorate
Visakhapatnam: The Enforcement Directorate’s Visakhapatnam sub-zonal office searched five locations in Visakhapatnam, Andhra Pradesh, on October 19, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The raids were in connection with investigations into the fraudulent alienation of land measuring 12.51 acres (market value of more than `200 crore) allotted by the AP government for a housing scheme for old-age people and orphans.
Searches conducted at the residences and office premises of the accused resulted in the “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 two persons, Gannamaneni Venkateswara Rao and MVV Satyanarayana, and their family members, and cash transactions of more than `50 crore in the acquisition of immovable properties etc.”
An official release said ED initiated the investigation on the basis of an FIR registered by Arilova Police Station, Visakhapatnam, under various sections of IPC, 1860, against Gadde Brahmaji, Gannamaneni Venkateswara Rao and MVV Satyanarayana.
They have been accused of forging signatures, fabricating sale documents and indulging in coercion to grab 12.51 acres of land allotted by the state government for construction of homes for senior citizens and orphans.
ED investigations revealed that land to an extent of 12.51 acres located in Yendada village, Visakhapatnam, was allotted by the AP government in 2008 to M/s Hayagreeva Farms and Developers, Visakhapatnam, for construction of cottages for old-age people and orphans. The land was registered in the name of M/s Hayagreeva Farms and Developers in 2010 on payment of about`5.63 crore.
However, as per records of the state Registration and Stamps department, the market value of the property at that time was around Rs 30.25 crore.
Investigations have revealed that after the accused fraudulently acquired the ownership of the land, it was divided into small plots and alienated from 2021 via means of registered agreements of sale and sale deeds to various persons, thereby generating the slush money of Rs 150 crore.
Searches conducted at the residences and office premises of the accused resulted in the “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 two persons, Gannamaneni Venkateswara Rao and MVV Satyanarayana, and their family members, and cash transactions of more than `50 crore in the acquisition of immovable properties etc.”
An official release said ED initiated the investigation on the basis of an FIR registered by Arilova Police Station, Visakhapatnam, under various sections of IPC, 1860, against Gadde Brahmaji, Gannamaneni Venkateswara Rao and MVV Satyanarayana.
They have been accused of forging signatures, fabricating sale documents and indulging in coercion to grab 12.51 acres of land allotted by the state government for construction of homes for senior citizens and orphans.
ED investigations revealed that land to an extent of 12.51 acres located in Yendada village, Visakhapatnam, was allotted by the AP government in 2008 to M/s Hayagreeva Farms and Developers, Visakhapatnam, for construction of cottages for old-age people and orphans. The land was registered in the name of M/s Hayagreeva Farms and Developers in 2010 on payment of about`5.63 crore.
However, as per records of the state Registration and Stamps department, the market value of the property at that time was around Rs 30.25 crore.
Investigations have revealed that after the accused fraudulently acquired the ownership of the land, it was divided into small plots and alienated from 2021 via means of registered agreements of sale and sale deeds to various persons, thereby generating the slush money of Rs 150 crore.
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