The Anti-Corruption Bureau has uncovered over Rs 100 crore in disproportionate assets allegedly amassed by Shiva Balakrishna, the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA) and the former Director of Hyderabad Metropolitan Development Authority (HMDA).
The ACB's preliminary findings suggest Mr Balakrishna accrued crores by allegedly facilitating permits for numerous real estate companies.
Officials searched several locations across the state, including Mr Balakrishna and his relatives' homes and offices, over allegations that Mr Balakrishna amassed assets beyond his known sources of income.
The searches began at 5 am today and covered 20 locations. They are expected to extend into tomorrow. ACB teams combed through offices of the HMDA and RERA, while Mr Balakrishna's home and other key locations linked to the probe were raided.
A case of unaccounted assets has been registered against Mr Balakrishna, who is suspected to have exploited his official position to accumulate massive wealth.
Assets valued at over Rs 100 crore, including gold, flats, bank deposits, and benami holdings, have been found 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 several electronic gadgets have been confiscated.
The ACB is now going through Mr Balakrishna's bank lockers and other undisclosed assets, signaling a continuation of the investigation tomorrow.
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