The Directorate of Enforcement (ED), Hyderabad Zonal Office, carried out search operations on Thursday, July 24 at three locations in the city in connection with a disproportionate assets case involving Siva Balakrishna, the suspended Director of HMDA and Secretary-in-charge of Telangana Real Estate Regulatory Authority (TSRERA), and others.
These searches led to the recovery of several incriminating documents and unaccounted cash amounting to ₹72 lakh.
Searches were conducted at the residences of directors and partners of three real estate firms, Sree Krishna Constructions, Quorizon Spaces and Udaya SSV Projects.
The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED’s investigation stems from an FIR registered by the Anti-Corruption Bureau (ACB), Hyderabad, which accused Siva Balakrishna and others of accumulating wealth far exceeding their known sources of income. The FIR alleged that properties were acquired not only in his name but also in the names of family members and benamis.
According to the ED, Balakrishna received illicit payments from builders in exchange for favourable actions such as building plan sanctions and land use changes. These proceeds of crime were used to acquire both movable and immovable assets across various fronts. The agency said earlier searches conducted on July 2 at the premises of Balakrishna and his brother resulted in the seizure of incriminating documents and property records.
