ED conducts searches on suspended HMDA official Shiva Balakrishna properties; Rs 250 crore assets flagged by ACB
HYDERABAD: The Enforcement Directorate (ED), Hyderabad Unit, on Wednesday launched searches at multiple locations linked to suspended HMDA official Shiva Balakrishna. The searches come in the backdrop of an ongoing investigation into alleged disproportionate assets unearthed earlier by the Anti-Corruption Bureau (ACB).
Shiva Balakrishna, a former Planning Officer with Hyderabad Metro Rail Limited (HMRL) and in-charge Secretary of Telangana Real Estate Regulatory Authority (RERA), was arrested by the ACB on January 25 in a case relating to assets disproportionate to known sources of income. He was 54 years old at the time of his arrest. The ACB also arrested his brother,
Naveen Kumar
, in connection with the same case.
ED issued an ECIR based under PMLA.
ED seized documents during the searches on the residences of Shiva Balakrishna and his brother Naveen Kumar at Rajendranagar and Chaitanyanagar. ED will be looking into the quid pro quo deals of Shiva Balakrishna with the top realtors in Hyderabad for granting permission for apartments, villa projects, and layouts. Investigations may lead to the questioning of the top realtors in the city, sources said.
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The ED's current action is based on the ACB's FIR, which revealed that Balakrishna amassed over 200 acres of agricultural land, multiple open plots, and a villa.
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The total market value of these assets was estimated at ₹250 crore. During the ACB raid earlier this year, investigators seized key documents from Balakrishna's lavish duplex villa located in Aditya Fort View, Puppalaguda, on the outskirts of Hyderabad.
Lack of ACB Documents Slows ED Probe
Officials from the ED expressed concern over limited cooperation from the ACB in securing essential documents for their probe. Sources within the agency said that despite multiple requests, several relevant documents have not been shared, slowing down the investigation into possible money laundering angles connected to the disproportionate assets.
The ED's fresh round of searches is expected to focus on tracing financial transactions, benami holdings, and potential violations under the Prevention of Money Laundering Act (PMLA).
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