HYDERABAD: Enforcement Directorate (ED) raids on Surana Industries and Sai Surya Developers in Hyderabad concluded on Wednesday, with officials reportedly seizing large amounts of unaccounted cash and incriminating documents linked to financial irregularities and alleged money laundering.
The searches were conducted at the residence of Narendra Surana, Managing Director of Surana Industries, located in Bowenpally, Secunderabad. Simultaneously, raids were also carried out at the residence of Satish Chandragupta, Managing Director of Sai Surya Developers, a company affiliated with the Surana Group. Officials confirmed that substantial amounts of cash were confiscated from both premises.
Sources said ED officials also seized critical documents from the offices of both firms. The raids follow a previous arrest of Satish Chandragupta by Cyberabad Police, after multiple complaints alleged that he had defrauded investors by collecting money under the guise of a real estate venture in Vattinagulapally.
Based on the police FIR, the ED initiated a money laundering probe into Sai Surya Developers.
In the course of the investigation, ED officials reportedly uncovered that Surana Industries had floated multiple shell companies to route illicit funds. It was found that loans secured from banks were illegally transferred to these shell firms, and subsequently invested in real estate ventures.
The ED is now probing deeper into the Surana Group’s operations across sectors including mining, copper, solar energy, real estate, entertainment, and power. Officials allege that the group has been involved in large-scale money laundering through strategic fund diversions and questionable property transactions.
Both Surana Industries and Sai Surya Developers are said to have availed multi-crore loans from the State Bank of India (SBI) branch in Chennai. Due to non-repayment, the Central Bureau of Investigation (CBI) registered a case against Surana Group in 2012. During earlier searches, the CBI seized 400 kilograms of illegally held gold. However, 103 kilograms of that gold reportedly went missing from CBI custody, prompting the Madras High Court to issue an order seeking clarity on its whereabouts.
As the ED continues its investigation, the spotlight remains on the Surana Group’s sprawling investments and alleged financial crimes that span across industries and state boundaries.
