ED issues money laundering notice to Mahesh Babu.
Mahesh Babu ED notice
The nature and legitimacy of these transactions are now under scrutiny.
The development follows a series of raids carried out by ED officials at the offices and residences linked to Surana Group and Sai Surya Developers.
Authorities also confiscated several documents from both companies’ premises.
The ED is currently investigating whether the promotional payments made to Mahesh Babu were a part of any money laundering scheme.
On April 16, the Enforcement Directorate (ED) conducted raids at the premises of Surana Group and Sai Surya Developers in Hyderabad. The probe was triggered by a Cyberabad Police case against Sai Surya Developers, whose MD Satish was arrested for alleged fraud in a Vatti Nagulapalli venture.
Surana Group Used Dummy Directors, Shell Companies to Launder Money: ED
The Enforcement Directorate (ED) has revealed that Surana Group utilized dummy directors and shell companies, including entities based in the Cayman Islands and British Virgin Islands, to divert bank loans and launder money. In 2022, ED arrested Dinesh Chand Surana and Vijay Raj Surana, the group’s promoters, along with Anand Prabhakaran, identified as one of the dummy directors used in the financial operations.
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ED’s Notice to Mahesh Babu
The Enforcement Directorate (ED) has recently issued a notice to popular actor Mahesh Babu as part of an ongoing money laundering probe. This development marks a significant turn in the investigation surrounding the financial dealings of several companies, including Surana Group and Sai Surya Developers. The actor is expected to appear for questioning on April 27, providing a chance for authorities to assess his involvement in this complex case.
Details of the Allegations
This amount has raised questions, especially given that it includes ₹3.4 crore in cash and ₹2.5 crore through Real-Time Gross Settlement (RTGS) transactions. The legitimacy of these transactions is under scrutiny, particularly following the recent raids conducted by the ED.
Background of the Investigation
This investigation was initiated after a Cyberabad Police case was filed against Sai Surya Developers, where its managing director, Satish Chandragupta, was arrested for fraud.