Home Politics Properties and iPhones worth Rs 100 crores seized in raids at premises of TSRERA secretary

Properties and iPhones worth Rs 100 crores seized in raids at premises of TSRERA secretary

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Properties and iPhones worth Rs 100 crores seized in raids at premises of TSRERA secretary

In a significant development, the Anti-Corruption Bureau (ACB) recently conducted raids at the premises of Shiva Balakrishna, the Secretary of Telangana State Real Estate Regulatory Authority (TSRERA). Balakrishna, who also served as the Director of Planning at the Hyderabad Metropolitan Development Authority (HMDA), is under investigation for allegedly amassing disproportionate assets. The raids, which began at 5 AM on Wednesday, covered 20 locations across the state, including Balakrishna’s relatives’ homes and offices.

During the extensive searches, the ACB unearthed a staggering amount of assets valued at over 100 crores. These assets include a mix of cash, diamonds, gold, silver, bank deposits, flats, and benami holdings. Among the seized items were 40 lakh in cash, 60 high-end wristwatches, two kilograms of gold jewelry, substantial bank deposits, property documents, 10 laptops, 14 phones, and various electronic devices. The scope of the alleged irregularities indicates a serious breach of ethical conduct and misuse of public office.

The preliminary findings by the Anti-Corruption Bureau suggest that Balakrishna facilitated favorable conditions for various real estate companies, resulting in the accumulation of crores. This revelation raises concerns about the integrity of regulatory authorities and the potential exploitation of positions of power for personal gain. The gravity of the situation underscores the need for a thorough investigation into the alleged wrongdoings.

As the raids continue, it has been reported that the searches might take one or two more days to complete, as the investigators delve into bank lockers and other relevant locations connected to Balakrishna. The ongoing scrutiny reflects the seriousness with which authorities are treating the case, ensuring that no stone is left unturned in uncovering the extent of the alleged corruption.

The case against Balakrishna revolves around accusations of unaccounted assets, suggesting that he may have leveraged his influential position in TSRERA and HMDA to accumulate substantial wealth. Such misuse of public office not only undermines the public’s trust but also poses a threat to the credibility of regulatory bodies tasked with overseeing the real estate sector.

The inventory of seized items, including high-value assets like diamonds, gold, and expensive watches, highlights the opulence associated with the alleged corruption. This stark contrast between public service and personal wealth raises questions about the effectiveness of existing checks and balances within regulatory authorities. It is imperative for authorities to review and strengthen these mechanisms to prevent future abuse of power.

The involvement of Balakrishna in facilitating favorable conditions for real estate companies points to potential collusion between regulatory officials and private entities. This not only compromises the fairness of the regulatory process but also raises concerns about the transparency and accountability of institutions entrusted with overseeing critical sectors of the economy.

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