ACB raids TSRERA Secretary, unearths Rs 100 Crore disproportionate assets
In a major crackdown, the ACB has reportedly exposed the disproportionate assets amounting to over Rs 100 crore allegedly amassed by Shiva Balakrishna,
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NewsTAP Bureau- Updated On:24 Jan 2024 3:00 PM GMT
Hyderabad, January 24: In a major crackdown, the Anti-Corruption Bureau (ACB) has reportedly exposed the disproportionate assets amounting to over Rs 100 crore allegedly amassed by Shiva Balakrishna, the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA) and former Director of Hyderabad Metropolitan Development Authority (HMDA).
The ACB officials initiated a comprehensive search operation at multiple locations across the state, including Balakrishna's residence, relatives' homes, and offices, following allegations of amassing wealth beyond his known sources of income. The searches, which commenced at 5 am on Wednesday, have spanned 20 locations and are expected to extend into the next day.
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The accused, Shiva Balakrishna, is suspected to have exploited his official position to accumulate substantial wealth, and a case of unaccounted assets has been registered against him. ACB teams have meticulously combed through the HMDA office in Ameerpet and the RERA office in Masab Tank. Simultaneously, raids were conducted at Balakrishna's residence and other key locations linked to the investigation.
The ACB's preliminary findings suggest that Balakrishna may have accrued crores of rupees by allegedly facilitating permits for numerous real estate companies. Despite the ongoing investigation, family members have reportedly refrained from cooperating with the authorities.
Assets valued at over Rs 100 crore, including gold, flats, bank deposits, and benami holdings, have been uncovered during the searches. The inventory of seized items comprises Rs 40 lakh in cash, two kilograms of gold jewellery, 60 high-end wristwatches, property documents, and substantial bank deposits. Additionally, 14 phones, 10 laptops, and various electronic gadgets have been confiscated.
The ACB is now intensifying its scrutiny of Balakrishna's bank lockers and other undisclosed assets, signaling a continuation of the investigation into Thursday.
