Massive Cash & Jewellery Seized in Anti-Money Laundering Raids
The Enforcement Directorate (ED) has seized Rs 32 crore in unaccounted assets during coordinated raids across Hyderabad and Mumbai, exposing a sprawling real estate-money laundering syndicate. The May 14-15 operations under the Prevention of Money Laundering Act (PMLA) targeted illegal constructions in Vasai-Virar and their financial networks.
Key Seizures
- ₹9 crore cash (including ₹8.6 crore from official’s home)
- Diamond jewellery & gold bullion worth ₹23.2 crore
- Incriminating documents linking municipal officials to scam
Modus Operandi: How the Scam Worked
The ED’s investigation, based on Mira Bhayandar Police FIRs, reveals:
✔ Illegal Land Use: 41 high-rises built on 60 acres meant for
- Sewage treatment plants
- Municipal dumping grounds
✔ Document Forgery: Fake approvals created to dupe homebuyers
✔ Shell Companies: Hyderabad-Mumbai networks laundering proceeds
Focus on Key Accused: YS Reddy
The VVMC Deputy Director (Town Planning) faces serious allegations:
- 2016: Arrested by Anti-Corruption Bureau for offering ₹25L bribe
- Current Case: Primary suspect in ₹8.6 crore cash/jewellery haul
“Reddy’s residences yielded the lion’s share of seizures,” ED sources confirmed.
Broader Implications
- Homebuyers at Risk: 1,000+ flats face demolition
- Official Collusion: Municipal staff allegedly enabled violations
- Inter-State Angle: Hyderabad links suggest wider network
What’s Next?
- Forensic audit of seized documents
- Identification of shell company operators
- Possible arrests under PMLA provisions
