Superstar Mahesh Babu Summoned By ED In Money Laundering Case
Mahesh Babu Summoned: The money laundering case involves a Hyderabad-based real estate firm accused of defrauding homebuyers.
The Enforcement Directorate has summoned Superstar Mahesh Babu on April 27 in a money laundering case involving a Hyderabad-based real estate firm accused of defrauding homebuyers.
The actor, who enjoys a massive fan base, had allegedly endorsed dubious projects of Sai Surya Developers and Surana Group. He had received Rs 5.9 crore for endorsing projects of Sai Surya Developers, TOI reported, quoting ED sources. Of the total amount, Rs 3.4 crore was paid through cheque and 2.5 crore by cash, it added.
It is reported that several people were influenced to invest after seeing the actor's endorsement of Sai Surya projects. The probe agency is probing the money he received from the developers.
Telangana Police said the two companies had defrauded scores of home buyers by offering plots which are unavailable and by registering plots over and over on the names of multiple home buyers. During searches on April 16, ED seized Rs 100 crore in allegedly dubious transactions. The documents seized in the searches indicated large-scale fraudulent transactions.
Telangana Police said the ED took over the case because of the nature of the white collar criminal offence.
ED's Statement
ED in a statement said they searched four premises in Hyderabad and Secunderabad last Wednesday as part of their probe.
"ED initiated investigation on the basis of several FIRs registered by Telangana Police against Narendra Surana, Director of M/s Bhagyanagar Properties Ltd., K Sathish Chandra Gupta, Proprietor of M/s Sai Surya Developers & others under various sections of IPC for defrauding and cheating gullible investors of their hard-earned money in the name of advance for sale of plots involving huge amounts," the statement said.
The probe had revealed that the accused "orchestrated fraudulent schemes involving unauthorised land layouts, selling same plots to different customers, accepting payments without proper agreements, and false assurances of plot registrations".
"Their actions caused financial losses to numerous investors. By cheating the general public with predetermined and dishonest intention, they generated proceeds of crime which was diverted and laundered for wrongful gain to themselves and related entities," the probe agency said.
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