Investigations initiated by the Anti-Corruption Bureau (ACB) into the purported illicit assets of Shiva Balakrishna, the former planning director of HDMA, have unveiled that the assessed value of assets surpassing income is not Rs 13 crore as initially approximated. Instead, the market valuation of his properties exceeds an impressive Rs 250 crore.
Balakrishna, presently confined in Chanchalguda jail due to an alleged disproportionate assets case, saw his custody end on Wednesday. Subsequently, he was remanded back into jail custody. ACB sources revealed that Balakrishna underwent interrogation during his eight-day jail stay, leading to the discovery of several unaccounted properties. The bulk of his illicit earnings, it appears, were directed towards real estate acquisitions.
The ongoing investigation has disclosed the ownership of 214 acres of agricultural land, 29 plots, and 8 houses registered under the names of Balakrishna and his family members. Concurrently, ACB is meticulously scrutinizing the documents seized after a three-day inspection at the HMDA headquarters, particularly delving into permissions granted by Balakrishna to various real estate entities.
Further revelations indicate that Balakrishna, a resident of Allapuram village in Siddipet district, procured 102 acres out of the total 214 acres in Janagama district alone. In addition, he holds 66 acres of land in Yadadri Bhuvanagiri district, 39 acres in Nagarkurnool, 7 acres in Siddipet, and 0.5 acres in Rangareddy district.
Balakrishna’s property portfolio extends to 12 plots in Ranga Reddy district, 8 in Yadadri, 3 in Sangareddy, 2 each in Visakhapatnam and Vizianagaram districts, and one each in Medchal and Medak districts. Alongside a villa in Puppalaguda, there are 4 opulent residences in Hyderabad and 3 in Ranga Reddy. The belief is that these acquisitions were funded by earnings accumulated during his tenure in Visakhapatnam.
Meanwhile, ACB subjected Balakrishna’s brother, Sivanaveen, to three days of interrogation. Suspicions surround the substantial assets amassed by Shivanaveen’s wife, Aruna, and cousin Penta Bharatkumar. ACB sleuths are concentrating their inquiries on these three individuals. It has been speculated that investigators might invoke the Benami Property Transactions Act, and parallel investigations could be conducted by the Income Tax Department and the ED in this matter.
In the course of the probe, ACB unearthed 15 bank accounts linked to Balakrishna and his family. Upon opening a bank locker in Balakrishna’s name, authorities discovered 18 tolas of gold and a graduate’s passbook, subsequently seizing these items.
Balakrishna has served in the capacities of HMDA and RERA offices. ACB instigated investigations after receiving four complaints alleging irregularities in Balakrishna’s granting of permissions to real estate firms. Sudhindra, the joint director of ACB, stated that the complaints regarding alleged irregularities in Balakrishna’s actions towards real estate entities are currently under thorough scrutiny.