ED Searches Three Hyderabad Premises in Rs 26.02 Crore Cyber Fraud Case, Freezes 11 Bank Accounts

The Enforcement Directorate's Kochi zonal office searched three premises in Hyderabad linked to Allamraju Satyanarayana Murthy in a money-laundering probe arising from an Ernakulam cyber fraud case, in which a complainant was allegedly cheated of Rs 26.02 crore through phone calls and Telegram chats promising high trading returns. The agency seized Rs 6.40 lakh in cash, froze 11 bank accounts and identified properties worth about Rs 5 crore.

Awaaz Punjab Investigations Desk30 October 20264 min readRead in all 3 languages

Kochi/Hyderabad: The Enforcement Directorate (ED) has searched three premises in Hyderabad in a cyber fraud case, collected digital evidence, seized Rs 6.40 lakh in cash and frozen 11 bank accounts with a balance of Rs 14 lakh, news agency IANS reported on Friday, citing an ED official's statement. The searches were conducted on October 28 by the ED's Kochi Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, at premises related to Allamraju Satyanarayana Murthy, in connection with a cyber fraud case registered at Ernakulam in Kerala.

Source: IANS via hi INDiA

According to the ED, its investigation began from an FIR registered by the Cyber Police Station, Ernakulam. As per the FIR, the complainant, Nimesh, alleged that he was induced through phone calls and chat messages on the Telegram app to invest by promising high returns, and was told he would secure high returns by trading through a website named by the agency in its statement. The ED said the complainant was deceived into transferring an aggregate of Rs 24.76 crore in several instalments to various bank accounts maintained by or under the control of the accused, and that neither the assured profits nor the principal were returned.

The agency said its own investigation revealed that the complainant was cheated of Rs 26.02 crore during the period from May 23, 2023 to May 27, 2024. After receiving the money, the accused allegedly transferred it to various mule accounts operated by them, and the layering was done deliberately to avoid detection of the source of the funds, the ED said. These are the agency's allegations; the case is under investigation.

Rs 26.02 croreAmount the ED says the complainant was cheated of (May 2023–May 2024)

3Hyderabad premises searched on October 28

11Bank accounts frozen, with Rs 14 lakh balance

Rs 6.40 lakhCash seized during the searches

~Rs 5 croreValue of plots and a villa identified by the ED

The ED said Murthy allegedly floated several entities in the names of his family members and employees through which funds were layered. These entities, according to the agency, included BTR Industries, Velugu Trading Company, Aasritha Mega Solutions Pvt Ltd, Aasritha Infra Projects and Aasritha Infra Projects Pvt Ltd. A villa project in Hyderabad was launched in the name of Aasritha Infra Projects and Aasritha Infra Projects Pvt Ltd, and the accused allegedly acquired multiple immovable properties from the proceeds of crime, the ED said.

During the searches, incriminating evidence in the form of documents and digital evidence was seized, and the agency said it had identified immovable properties, plots and a villa valued at about Rs 5 crore. The ED statement did not name any arrests in connection with the searches. Awaaz Punjab could not independently verify the agency's allegations, which remain under investigation.

Sources