16 July 2024

In a significant development, the Directorate of Enforcement (ED), Hyderabad Zonal Office, has attached immovable properties valued at Rs. 3.11 crore belonging to Sagiraju Suryanarayana Raju, Managing Director of M/s Saisree Engineers Pvt. Ltd. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The case stems from allegations of fraud against M/s Saisree Engineers Pvt. Ltd., where it is accused of defrauding the State Bank of India (formerly State Bank of Hyderabad) by submitting fake title deeds to secure loans amounting to Rs. 15 crore. This prompted an investigation by the Central Bureau of Investigation (CBI), Economic Offences Wing (EOW), Chennai, resulting in a chargesheet filed against the company and its directors in December 2020.

Further scrutiny by ED revealed that the collateral presented by M/s Saisree Engineers Pvt. Ltd. was fictitious, supported by forged documents. Additionally, funds meant for business purposes were allegedly diverted into personal accounts, and substantial receivables were redirected to unauthorized accounts for operational use.