Hyderabad: The Enforcement Directorate (ED) on Wednesday carried out multiple raids on Bhuvana Teja Real Estates Infra Private Limited, following allegations that the firm defrauded customers of over ₹70 crore through illegal pre-launch real estate schemes.
The action comes amid a sharp spike in land prices on the outskirts of Hyderabad, driven by the proposed development of a ‘Future City’ project. Real estate firms have reportedly exploited the surge by offering pre-launch deals and collecting large sums from buyers without delivering promised properties.
ED investigates money laundering in Hyderabad land scheme
According to officials, the company allegedly took funds from customers under the guise of offering plots and flats, but failed to fulfil those commitments. Victims lodged complaints with the Central Crime Station (CCS), prompting the registration of a criminal case.
Based on the CCS investigation, the ED launched a probe under money laundering charges. As part of the operation, ED teams conducted simultaneous searches at the offices of Bhuvana Teja Infra and the residences of its directors.