ACB seizes assets worth Rs80 crore from Andhra Pradesh chief engineer | andhra pradesh | Hindustan Times
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ACB seizes assets worth Rs80 crore from Andhra Pradesh chief engineer

Five lockers belonging to the official are yet to be opened.

andhra pradesh Updated: Apr 01, 2017 23:59 IST
Srinivasa Rao Apparasu
Anti-Corruption Bureau

The book value of the seized assets is placed at Rs8 crore but official estimates suggest that their market value could be over Rs80 crore.(PTI file photo for representation)

The Andhra Pradesh Anti-Corruption Bureau (ACB) on Saturday unearthed unaccounted wealth and assets estimated to be worth Rs80 crore from the properties of state roads and buildings department’s engineer-in-chief and his family members.

The book value of the seized assets is placed at Rs8 crore but official estimates suggest that their market value could be over Rs80 crore. Five lockers belonging to the official were yet to be opened.

The ACB raids began on Saturday morning and were continuing at over 20 places across Andhra Pradesh, Telangana and Karnataka till evening.

In Hyderabad alone, searches were carried out at 11 places owned by engineer-in-chief M Gangadharam and his relatives.

ACB teams swooped on Gangadharam’s and his relatives’ houses simultaneously based on the information that he allegedly made illegal wealth thorough bribes and benami contracts.

The ACB recovered Rs40 lakh in cash and Rs50 lakh worth gold from Gangadharam’s house at Kukatpally and Rs42 lakh in cash from his benami contractors Nagabhushanam and Visweswaraiah in Guntur.

Sources said Gangadharam came on ACB’s radar early this year when the state roads department proposed an increase in the cost of expanding the 9.6 km Visakhapatnam- Bheemili beach road from Rs65 crore to Rs195 crore.