ACB Raid Shiva Balakrishna: The Anti-Corruption Bureau of Telangana on Wednesday raided the properties linked with Shiva Balakrishna, the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA) and former Director of Hyderabad Metropolitan Development Authority (HMDA). According to officials, assets worth over 100 crores have been unearthed in disproportionate assets.
Initial findings indicate that Mr. Balakrishna allegedly gained significant wealth by facilitating permits for various real estate companies.
Sleuths of the anti-corruption agency searched many locations in the state on Wednesday. Balakrishna's house along with a few of his relatives' homes was also searched, where, various assets, disproportionate to the means of income were discovered.
Search operations started at 5 am today, spanning 20 locations, with expectations of continuing into tomorrow. ACB teams conducted searches in HMDA and RERA offices, as well as Mr Balakrishna's residence and other relevant locations associated with the investigation.
Valuables worth more than ₹100 crore, such as gold, flats, bank deposits, and undisclosed holdings, were discovered in the searches. The seized items include ₹40 lakh in cash, two kilograms of gold jewellery, 60 high-end wristwatches, property documents, and substantial bank deposits. Furthermore, 14 phones, 10 laptops, and various electronic gadgets were taken. The ACB is presently examining Mr Balakrishna's bank lockers and undisclosed assets, indicating the investigation's continuation tomorrow.
A case concerning undisclosed assets has been filed against Mr Balakrishna, who is believed to have misused his official role to amass considerable wealth.