ACB Finds Assets Worth Over Rs 100 Crore In Raids Against Telangana Official

Shiva Balakrishna is currently the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA).

Overall, sources told PTI that 14 teams were involved in the searches on Thursday (Image for representation) ( Image Source :Pixabay )

The Anti-Corruption Bureau sleuths in Telangana recovered cash of Rs 40 lakh and properties worth Rs 100 crore during searches at town planning official's premises in Hyderabad. The sleuths reportedly conducted raids in places linked to Siva Balakrishna. 

Shiva Balakrishna is currently the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA). He previously served as the former Director of Hyderabad Metropolitan Development Authority (HMDA).

Overall, sources told PTI that 14 teams were involved in the searches on Thursday. 

The searches resulted in officials finding assets with an estimated market value exceeding Rs 100 crore. Among the seized items were about Rs 40 lakh in cash, two kilograms of gold, documents related to immovable assets such as villas, flats, and lands, as well as 60 high-end wristwatches, approximately 40 iPhones and laptops.

During the operation, officials uncovered bundles of currency notes in denominations of Rs 100, Rs 200, and Rs 500. The counting of cash was facilitated through the use of cash-counting machines.

The ACB identified lockers in at least four banks following this the official's bank lockers are scheduled to be opened on Thursday.

The ACB sleuths said the family members of the official did not cooperate during the questioning, reported PTI.

The initial findings from the Anti-Corruption Bureau (ACB) indicate that Balakrishna may have amassed significant wealth by allegedly expediting permits for numerous real estate companies. 

Authorities conducted searches at various locations statewide, including the residences and offices of Balakrishna and his relatives. The investigation revolved around accusations that he accumulated assets exceeding his declared sources of income, according to a report on NDTV.

The search operation commenced at 5 am on Thursday encompassing 20 locations and is anticipated to continue into Friday. ACB teams also inspected the offices of HMDA and RERA, alongside conducting raids at  Balakrishna's residence and other significant locations associated with the ongoing investigation.