Hyderabad: The Enforcement Directorate (ED) launched fresh raids across Hyderabad on Tuesday, intensifying its crackdown on financial irregularities involving the Surana Group of Companies and its alleged associate, Sai Surya Developers.
The coordinated searches took place at multiple properties located in Secunderabad, Bowenpally, Jubilee Hills, and Madhapur, sparking a flurry of speculation and concern in the business community. This marks the second major action by the ED against the Surana Group, which is under investigation for defrauding three public sector banks of a staggering Rs 3,986 crore.
The Central Bureau of Investigation (CBI) has already registered three separate cases against the group, citing fraudulent practices and willful default on loans. Sai Surya Developers is reportedly linked to the Surana Group, prompting its inclusion in the current round of raids. Sources suggest that both entities are being investigated for possible money laundering and fund diversion schemes.
In a significant development, this operation follows a previous ED raid in February 2021, during which gold and cash worth Rs 11.62 crore were seized from Surana Group premises. The probe has since expanded, with the ED filing cases under the Prevention of Money Laundering Act (PMLA) against Surana Industries Limited, Surana Corporation Limited, and Surana Power Limited.
According to officials, the Surana Group set up shell entities in tax havens such as the Cayman Islands and the British Virgin Islands, and also incorporated four companies in Singapore to facilitate exports and the inward remittance of laundered money. So far, the ED has provisionally attached assets worth Rs 113.32 crore belonging to the group. With the investigation still ongoing, authorities are expected to uncover further details in the coming days.