ACB discovers 14-crore illegal assets from SRO

​Hyderabad: The Anti-Corruption Bureau (ACB) on Tuesday raided various places related to the suspended official of Kukatpally Sub-Registrar Office R Srinivasa Rao and discovered ill-gotten assets worth Rs 14 crore.

ACB sources said the searches were carried after he disclosed about his ill-gotten assets to his interrogators. Rao was arrested in the last week of May along with Goldstone Group Companies directors P S Parthasarathy and P S V Sharma for illegal registration of 693 acres government lands in the name of private companies in collusion with private persons.

Following which the Cyberabad police remanded the three accused for thorough questioning. During the questioning, Rao had spilled the beans, sources said.

Following this the ACB teams conducted simultaneous searches at Rao’s house, his relatives and benamis in and around Hyderabad.

During the searches, ACB teams found that he had opened as many as 12 bank accounts in his name, his son Kanishka’s name and also in the names of three firms – Hasini Power Projects, Jayasri Enterprises and Padmanabha Marketing Private Limited. Director General of ACB J Purnachandra Rao said the tainted official had deposited crores of rupees, collected illegally, into the above bank accounts.

It was also found that the tainted official had invested Rs 1.90 crore in Hasini Power Projects, Rs 1.93 crore in North Star Homes, Rs 8.5 crore in I-Con Construction Company Private Limited and Rs 50 lakh in Manjeera Holdings, the DG said.

The ACB also discovered that Rao, his family and his benamis are in possession of six house plots worth Rs 1.27 crore and 11 acres of land at Moosapet village in Medak district worth Rs 11.52 lakh. The ill-gotten assets so far amounted to Rs 14 crore.

ACB officials also found as many as 15 credit cards issued in the name of Rao and his family members. The transactions are being probed into, officials said.

ACB officials said the investigation so far indicates that several document writers were assisting Rao in harbouring his ill-gotten money and a simultaneous probe is on to identify the document writers and verify their source of assets and financial transactions. ACB officials also identified some lockers in various banks and they are yet to be opened.

The case will be investigated further to unearth all aspects related to amassing wealth disproportionate to the known sources of income of the accused officer, ACB officials said.