Vizag ED attaches Hayagreeva’s 44.75 crore worth assets for misusing AP land given for elderly care

Visakhapatnam: The Directorate of Enforcement (ED), Visakhapatnam, has provisionally attached 14 immovable properties worth Rs 42.03 crore and six movable properties worth Rs 2.71 crore of Hayagreeva Farms and Developers regarding land that was given to them by the AP government for building housing for old-age people and orphans.

The ED officials attached the immovable properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an investigation regarding the fraudulent alienation of 12.51 acres allotted by the Andhra Pradesh Government. The total value of attached properties in the case stands at Rs 44.75 crore.

The attached properties belong to MVV Builders, Hayagreeva Infratech Projects Limited, Gadde Brahmaji and his wife, Chilukuri Jagadeeswarudu, Chilukuri Radha Rani, Hayagreeva Projects and Varanasi Dileep.

AP gave land to build homes for senior citizens

In a statement issued by the ED on Friday, the officials said that the investigation was initiated on the basis of FIR registered by the Arilova Police Station, Visakhapatnam, Andhra Pradesh under various sections of IPC, 1860 against Gadde Brahmaji, Gannamani Venkateswara Rao and YSRCP leader MVV Satyanarayana for forging signatures, fabricating sale documents and coercion to grab 12.51 acres allotted by the Government of Andhra Pradesh for construction of homes for senior citizens and orphans.

The ED investigation revealed that 12.51 acres in Yendana village, Visakhapatnam, was allotted by the Andhra Pradesh Government in 2008 to Hayagreeva Farms and Developers for the construction of cottages for old-age people and orphans.

The land was registered in Hayagreeva’s name in 2010 on payment of Rs 5.63 crore (approx.). However, as per records of the Andhra Pradesh Registration and Stamps Department, the market value of the property as of the date of the conveyance deed was around Rs 30.25 crore.

The ED investigation further revealed that Gadde Brahmaji, in connivance with Gannamani Venkateswara Rao and MVV Satyanarayana, became a partner in Hayagreeva in 2020. Subsequently, the land was sold during 2021 and 2022 through more than 30 sale deeds and agreements for sale and the sale proceeds were then transferred to Gadde Brahmaji, MVV Builders, Chilukuri Jagadeeswarudu, Haigreeva Infratech Projects Limited and Varanasi Dileef.

ED investigation also revealed that Chilukuri Jagadeeswarudu had also generated Proceeds of Crime (POC) by entering into agreements for the sale of said land with eight individuals in the years 2010-2011 and 2019 and utilised the same for his benefit. In the aforementioned manner, POC amounting to Rs 87.64 crore (approx.) was generated by the accused persons and the same was utilised for their personal benefit.

The total value of attached properties in the case stands at Rs 44.75 crore, the ED officials said and added that further investigation is under progress.