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NRIPage | Articles | ED Raids Properties of Ex-MP MVV Satyanarayana Over Land Fraud Allegations | Get Finance & Economics News. Master Your Financial Future - NRI Page
The Enforcement Directorate (ED) has conducted raids on the properties belonging to former YCP MP from Visakhapatnam, MVV Satyanarayana, in connection with serious allegations of land fraud. The agency has released a statement detailing the nature of the investigation, which focuses on Satyanarayana's involvement in forgery and coercion related to a significant land acquisition.
According to the ED, the investigation was initiated after evidence emerged that Satyanarayana had forged signatures and fabricated sale documents to illegally seize 12.51 acres of land allotted by the Andhra Pradesh government in 2008. This land was intended for the construction of cottages for senior citizens and orphans and was registered under Hayagreeva Farms & Developers, Visakhapatnam, in 2010 for approximately Rs. 5.63 crore.
However, the market value of this property at the time of the conveyance deed was estimated at around Rs. 30.25 crore, indicating a significant undervaluation. Following the fraudulent acquisition, the investigation revealed that the land was divided into smaller plots and sold off through registered agreements and sale deeds from 2021 onwards, generating proceeds exceeding Rs. 150 crore.
Moreover, the ED uncovered more than 300 sale deeds of immovable properties associated with Gannamaneni Venkateswara Rao, MVV Satyanarayana, and their family members, suggesting a widespread fraudulent operation.
This investigation raises significant concerns, especially given Satyanarayana's previous association with former Chief Minister Jagan Mohan Reddy, highlighting potential implications for political connections in the ongoing probe.
