Hyderabad: ACB unearths Rs 14 crore in assets from arrested sub-registrar | india-news | Hindustan Times
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Hyderabad: ACB unearths Rs 14 crore in assets from arrested sub-registrar

The ACB has unearthed assets worth over Rs 14 crore allegedly belonging to a suspended sub-registrar in Hyderabad.

india Updated: Jun 20, 2017 13:10 IST
The Anti-Corruption Bureau recovered assets worth over Rs 14 crore allegedly belonging to a suspended sub-registrar.
The Anti-Corruption Bureau recovered assets worth over Rs 14 crore allegedly belonging to a suspended sub-registrar.(File Photo)

The Anti-Corruption Bureau (ACB) has unearthed assets worth over Rs 14 crore allegedly belonging to a suspended sub-registrar, who was arrested in connection with the “illegal” transfer of government land.

The Cyberabad police, on May 28, arrested R Srinivasa Rao, sub-registrar of Kukatpally for alleged illegal transfer of over 700 acre state land in Miyapur village on the city outskirts to private persons, and causing a loss of Rs 587 crore to the state exchequer.

A case of disproportionate assets was registered against Srinivasa Rao and simultaneous searches were conducted at his and his relatives residences and “benamis” in Hyderabad city and nine other places, a senior ACB official said today.

During the searches, it was revealed that Srinivasa Rao acquired properties in his name and in the names of his family members and also benamis, the ACB official said.

Rao had opened as many as 12 bank accounts in his name, his son’s name and in the names of three firms, namely M/s Hasini Power Projects, M/s Jayasri Enterprises and M/s Padmanabha marketing Pvt Ltd.

“Rao deposited crores of rupees of illegally collected amount into these bank accounts. The investigation revealed that he invested Rs 1.90 crores in M/s Hasini Power Projects, Rs 1.93 crores in M/s North Star Homes and Rs 50 lakhs in M/s Manjeera holdings besides 8.5 crores in M/s I-Con construction company Pvt Ltd,” the ACB official said.

“We observed transactions to the tune of several crores of rupees in different banks. He acquired some properties...it has also come to notice through various bank transactions that there were investments in different companies,” the ACB official said.

It is also revealed that Rao, his family members and the benamis are in possession of six house plots, worth about Rs 1.27 crores and 11 acres of land at Moosapet village in Medak district worth Rs 11.52 lakhs.

The total assets unearthed so far are over Rs 14 crores and the case is under investigation, the official added.

Apart from Srinivasa Rao, two more sub-registrars were arrested from the city on charge of registering properties violating provisions of the Registration Act, 1908 and allegedly causing loss to the exchequer.

Chief minister K Chandrasekhar Rao had earlier ordered a CID inquiry into the alleged illegal transfer of the state land to private persons.

As part of efforts to check corruption in the wake of the “land scam”, the government had reshuffled scores of officers in the registration department.