NEW DELHI: ED 's searches at the residential and office premises of former YSR Congress MP MVV Satyanarayana and his associates on Saturday led to the seizure of more than 300 sale deeds and details of cash transactions of Rs 50 crore.
The agency said it has seized digital evidence related to fraudulent land deals in connection with 12.5 acres allotted by the Andhra Pradesh govt in 2008 in Visakhapatnam for an old age home and orphanage, which was allegedly sold to individual buyers for more than Rs 150 crore.
ED's money laundering probe is based on an FIR registered by the Visakhapatnam police in the "fraudulent alienation of 12.5 acres (having market value of more than Rs 200 crore) allotted by Andhra govt for the purpose of housing for old-age people and orphans".
Police had accused Satyanarayana and his associates Gadde Brahmaji and Gannamaneni Venkateswara Rao of "forging signatures, fabricating sale documents, and coercion to grab 12.5 acres".
"Investigation revealed that 12.5 acres, located in Yendana village, Visakhapatnam, was allotted in 2008 to Hayagreeva Farms & Developers, Visakhapatnam, for construction of cottages for old-age people and orphans," ED said, and added though the land was registered on payment of Rs 5.6 crore, the market value of the property, as on the date of conveyance deed, was around Rs 30 crore.
The agency said the accused "fraudulently acquired the ownership of the said land, divided it 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".
The agency said it has seized digital evidence related to fraudulent land deals in connection with 12.5 acres allotted by the Andhra Pradesh govt in 2008 in Visakhapatnam for an old age home and orphanage, which was allegedly sold to individual buyers for more than Rs 150 crore.
ED's money laundering probe is based on an FIR registered by the Visakhapatnam police in the "fraudulent alienation of 12.5 acres (having market value of more than Rs 200 crore) allotted by Andhra govt for the purpose of housing for old-age people and orphans".
Police had accused Satyanarayana and his associates Gadde Brahmaji and Gannamaneni Venkateswara Rao of "forging signatures, fabricating sale documents, and coercion to grab 12.5 acres".
"Investigation revealed that 12.5 acres, located in Yendana village, Visakhapatnam, was allotted in 2008 to Hayagreeva Farms & Developers, Visakhapatnam, for construction of cottages for old-age people and orphans," ED said, and added though the land was registered on payment of Rs 5.6 crore, the market value of the property, as on the date of conveyance deed, was around Rs 30 crore.
The agency said the accused "fraudulently acquired the ownership of the said land, divided it 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".
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