HYDERABAD: In a startling revelation, the Anti-Corruption Bureau (ACB) has successfully uncovered assets worth a staggering 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).
Alleged Permit Facilitation Scheme Unveiled
Preliminary findings by the ACB point towards Balakrishna’s involvement in facilitating permits for numerous real estate companies, leading to the accumulation of crores in disproportionate assets.
Massive Raids Across The State
In an extensive operation, ACB officials conducted searches at 20 locations, including the residences and offices of Balakrishna and his relatives. The focus of the raids is on allegations that he amassed assets beyond his known sources of income. The search, which commenced at 5 am today, is expected to continue into tomorrow.
A case of unaccounted assets has been registered against Balakrishna, raising suspicions that he may have exploited his official position to accumulate massive wealth.
Diverse Asset Portfolio Seized
The inventory of seized items during the raids is extensive, including gold, flats, bank deposits, and benami holdings, collectively valued at over Rs 100 crore. Notable findings include Rs 40 lakh in cash, two kilograms of gold jewellery, 60 high-end wristwatches, property documents, and substantial bank deposits. Additionally, authorities confiscated 14 phones, 10 laptops, and several electronic gadgets.
As the ACB sifts through Balakrishna’s bank lockers and undisclosed assets, the investigation is set to continue tomorrow. The magnitude of the alleged corruption underscores the need for a comprehensive inquiry into the actions of the accused official.