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The Enforcement Directorate (ED) in Hyderabad has provisionally attached immovable properties worth INR 14.6 crore linked to Sai Surya Developers following multiple police FIRs. Proprietor Sathish Chandra Gupta allegedly collected payments from investors for plots but failed to register them, causing financial losses. Investigations revealed unauthorised land layouts, repeated sale of the same plots, and layering of funds across accounts held by Gupta, his family, and related firms to conceal the origin of money. The attached assets include land parcels in the developer's name, and the probe is ongoing.
The Enforcement Directorate in Hyderabad has taken provisional control of immovable properties valued at INR 14.6 crore belonging to Sai Surya Developers as part of its investigation under the Prevention of Money Laundering Act. This action follows several FIRs filed by Telangana police against proprietor Sathish Chandra Gupta and others, accusing them of cheating multiple investors in real estate projects. Advertisement
According to ED findings, Gupta collected money from buyers for plots with the assurance of registration but failed to deliver, resulting in financial losses. The investigation identified a structured scheme in which unauthorised land layouts were sold, and some plots were sold multiple times to different investors. Agreements were not executed properly, and investors were repeatedly misled about the status of their plots.
The probe also highlighted that Gupta and his associates maintained several bank accounts under their names, family members, and linked entities. Payments collected through cheques, bank transfers, and cash were routed between these accounts to obscure the origin of funds. The total proceeds identified so far amount to INR 14.6 crore, which have now been provisionally attached.
Earlier police actions had uncovered evidence of unaccounted cash and documentation indicating systematic deception and multiple instances of financial irregularities. The ED continues to examine transactions and related parties to trace the complete flow of funds and identify additional assets or beneficiaries involved in the scheme.
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