ACB Raids TSRERA Secretary Shiva Balakrishna's Properties: Details Of ? 100-Crore Seized Assets
The Anti-Corruption Bureau (ACB) recently conducted raids on properties linked to Shiva Balakrishna, former director of Hyderabad Metropolitan Development Authority (HMDA) and current secretary of Telangana State Real Estate Regulatory Authority (TSRERA).?
As a result of the raids, the ACB found unaccounted cash worth Rs 40 lakh and other valuable assets, including properties and valuables, NDTV reported.
According to reports from local media publications, Balakrishna was arrested at 3 a.m. on charges of amassing significant wealth by allegedly facilitating permits for numerous real estate companies. The Anti-Corruption Bureau (ACB) had conducted a 24-hour investigation before arresting him.
The investigation covered 20 locations, including Balakrishna's and his relatives' homes and offices. The authorities also conducted thorough searches of the offices of HMDA and RERA.
Details of the seized properties
Cash - Rs. 84 lakh Gold - 2kg worth Rs. 1.20 crore Silver - 5.5kg worth Ra. 4 lakh Wristwatches - 73 watches worth Rs. 32 lakh Villas - 3 villas Flats - 3 Land - 90 acres.?
According to local media reports, the land documents for 90 acres include 17 acres in Kodakandla, 26 acres in Kalvakurti, 23 acres in Yadadri, and 24 acres in Janagaon.
Assets worth over Rs 100 crores seized??
Balakrishna is now facing a case related to unaccounted assets. It is suspected that he exploited his official position to accumulate massive wealth.??
The ACB Joint Director disclosed the identification of assets in both his name and benami names, citing that the seized land documents would total Rs. 60 crores. A case has been registered against Shiva Balakrishna, asserting that additional charges will be incorporated following a custodial investigation.
Officials linked to Balakrishna will be questioned by ACB. As of Wednesday evening, the value of the assets uncovered exceeds Rs. 100 crores in the open market, marking it as the most extensive property seizure in the history of ACB searches.
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