WATCH | ED Raids Surana Group, Sai Surya Developers in Hyderabad: Shocking Facts
Enforcement Directorate (ED) raids are once again creating a stir in the city. ED officials are conducting inspections at Surana Group and Sai Surya Developers.
Officials are conducting searches at the houses of the Chairman and MD Director of Surana Group in Secunderabad, Boyinapalli, Jubilee Hills, and Madhapur. Surana Group has embezzled Rs. 3,986 crore from three banks. The CBI has registered three cases for non-repayment of loans. Sai Surya Developers is working as an affiliate of Surana.
In the ED searches conducted at Surana Company in February 2021, gold and cash worth Rs. 11.62 crore were seized. A PMLA case has also been registered against the subsidiaries of Surana Group. ED officials conducted the raids as part of the investigation of the case.
Enforcement Directorate officials are conducting searches in the Surana Group of Companies for the second time. The ED has registered a case under PMLA against Surana Industries Limited, M/s Surana Corporation Limited, M/s Surana Power Limited, two promoters of the companies, and other affiliated companies. With this, the company’s MD Dinesh Chand Surana, Vijay Raj Surana and dummy director Anand Prabhakaran were arrested by the ED officials in 2022. Recently, officials have been conducting searches in the Surana Group of Companies once again. Surana Group has embezzled Rs. 3,986 crore to three public sector banks. The company has become in bad debt due to non-payment of loans taken. The Bangalore CBI has registered three cases for non-payment of loans to banks.
Earlier, the ED officials temporarily seized immovable properties worth Rs. 113.32 crore belonging to the Surana Group of Companies. Dinesh Chand Surana defrauded banks by appointing his relatives and employees of the Surana Group of Companies as directors. He diverted the loans taken from the banks to personal accounts. Surana appointed dummy directors in the Cayman Islands and British Virgin Islands along with the Surana Group. Surana diverted the bank loans to the respective companies. Surana established four companies in Singapore and exported goods and received the money in India. The ED officials have confirmed that some of the diverted funds were used to purchase movable and immovable properties in the names of various benami and companies. Searches are still ongoing. (Maxim News)
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