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An ongoing investigation by the Enforcement Directorate (ED) has drawn attention to a significant money laundering case tied to prominent real estate entities, Surana Group and Sai Surya Developers. Notably, celebrated actor Mahesh Babu has been summoned for questioning regarding his financial dealings with these organizations. The ED aims to scrutinize transactions where Mr. Babu reportedly received substantial remuneration for promotional activities. This inquiry forms part of a broader probe into fraudulent operations within the real estate sector, involving illegal transactions amounting to approximately Rs 100 crore.
The saga unfolds as the ED discovered that Mahesh Babu was compensated with over Rs 5.5 crore by the Surana Group for advertisement endorsements. Additionally, Sai Surya Developers paid him Rs 5.9 crore through a mix of cash and cheque payments. These findings emerged during searches conducted at multiple locations linked to the Surana Group and associated companies. Evidence unearthed at the residences of top executives, including chairman Narendra Surana and managing director Devendar Surana, revealed extensive illicit financial activities.
Further details indicate that the fraudulent schemes orchestrated by these entities included unauthorized land layouts, dual sales of the same plots, and deceptive assurances to investors. Such practices led to considerable financial losses for numerous unsuspecting individuals who were lured into investing their savings. The ED’s operation spanned across four premises in Hyderabad and Secunderabad, leading to the seizure of incriminating documents and unaccounted cash totaling Rs 74.5 lakh.
In its official statement, the ED outlined how these fraudulent activities not only defrauded investors but also laundered proceeds intended for wrongful gains. The agency continues to delve deeper into the matter, ensuring all aspects of this intricate scam are thoroughly investigated.
As the investigation progresses, it underscores the necessity for stringent oversight in the real estate sector to protect potential investors from similar deceptions. The involvement of a high-profile personality like Mahesh Babu adds another layer of complexity, highlighting the far-reaching implications of such financial malpractices. Authorities remain committed to uncovering the truth and holding accountable those responsible for orchestrating this elaborate fraud.