ED to Hold Parallel Probe into Shiva Balakrishna's Disproportionate Assets Case

Former HDMA planning director Shiva Balakrishna is lodged in jail in connection with corruption charges. ACB probe has revealed that Balakrishna possesses disproportionate assets worth Rs 250 crore. Now, ED has sought case details from ACB and will conduct a parallel investigation into the case.

Hyderabad: The Enforcement Directorate (ED) is set to conduct a parallel probe into the alleged disproportionate assets case of Shiva Balakrishna, former HDMA planning director, who was arrested in connection with corruption charges.

The agency has sought Balakrishna's case details including FIR copies, remand report and other documents related to the seizures from Telangana Anti Corruption Bureau, which is currently investigating the case. After getting the details, ED will come up with an enforcement case report.

ACB probe has revealed that Balakrishna accumulated around 70 percent assets under benami holders. Although initially it was estimated that Balakrishna possessed disproportionate assets of Rs 13 crore, later it is suspected that the value of his assets in open market would be over Rs 250 crore. Among Balakrishna's assets unearthed by ACB includes 214 acre agricultural land, 29 plots, eight houses and 5.5 kg gold.

ACB officials found that Balakrishna accumulated huge assets in the name of his brother Shiva Naveen Kumar and nephew Bharat. Naveen was arrested by ACB on February 6 after being identified as a benami holder.

Balakrishna, who was taken into custody by ACB nine days back, is presently lodged in Chanchal Guda Jail. It has been revealed that most of his earnings from illegal sources were spent on real estate businesses. The permissions granted by Balakrishna to various real estate firms are also being investigated.

Now, the ED has joined in and is set to launch a parallel probe along with ACB.

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