The ED is tightening the noose around the neck of former Visakha MP and YSRCP leader MVV Satyanarayana. Issuing a statement with regard to raids it conducted on his and his associated premises, it said Rs 150 crore worth illegal earnings were found.
Based on the FIR registered at Arilova Police Station, Visakha, it said that searches were conducted at five places for 24 hours on 19th of this month. ED officials claimed that investigations were conducted on violations of the Anti-Money Laundering Act. Along with auditor Gannamaneni Venkateswara Rao, Gadde Brahmaji established that false documents were created and the benami transactions were carried out.
ED has confirmed that MVV Satyanarayana and G. Venkateswara Rao created false documents and sold the land allocated by the government to M/s Hayagriva Developers in Yendada in 2008 for construction of homes for the elderly and orphans. ED found that 12.51 acres of land was fraudulently sold and the market value of this land was around Rs. 200 crore.
It said Gadde Brahmaji, Gannamaneni Venkateswara Rao and MVV Satyanarayana were found guilty of forging signatures and fabricating sales. Forgery documents were created to grab the 12.51 acres of land allocated by the government in 2008, in Yendada area was allotted by the state government to M/s Hayagriva Farms, a developer’s association for the construction of cottages for the elderly and orphans.
It explained that the land was registered in the name of M/s Hayagriva Farms and the developers paid Rs 5.63 crore in 2010. As per the registration records, the market value of the said property as at the time of conveyance deed was around Rs. 30.25 crores.
The ED revealed that this land was acquired through forged documents, divided into small plots and sold to various people from 2021 onwards.It is said that more than Rs.150 crores have been earned criminally through sale deeds and contracts.
The ED disclosed that during searches of the residences and offices of the accused, digital devices for making benami passbooks were identified and various documents related to them were seized.
It explained that more than 300 sale deeds were identified and seized in the name of the family members of Gannamaneni Venkateswara Rao and MVV Satyanarayana. Officials of the Enforcement Directorate Visakha sub zonal office revealed that cash transactions of up to Rs.50 crores have been made in relation to fixed assets.