ED seizes former MP’s assets worth `44.74 cr

Visakhapatnam: In a significant development, the Enforcement Directorate (ED) took action against former YSRCP MP M V V Satyanarayana by seizing his properties to the tune of Rs 44.74 crore.

The seized assets included both movable and immovable properties belonging to Hayagreeva Farms and Developers, MVV Builders and Hayagreeva Infratech Projects Limited.

Based on the investigation carried out, former MP Satyanarayana, his close associate and auditor G Venkateswara Rao (GV) and another managing partner were said to be involved in the alleged irregularities.

Last year, an FIR was registered with Arilova police station against former MP MVV Satyanarayana and auditor GV. The case was registered based on the complaints filed against violations of the Hayagreeva project.

It may be recalled that in 2008, an extent of 12.5 acre land was allotted to Hayagreeva Farms Villa developers by the then government of Andhra Pradesh in Yendada village of Visakhapatnam district.

As the firm failed to complete the project in time, the revenue officials took back the land allotted to them. The company challenged this in the court, while the court directed the petitioner to complete the project in three years.

According to norms, 10 per cent of the land has to be utilised for orphanages and an old age home should be built within three years. However, deviating from the norms, 32,000 yards of land was registered for 26 private individuals.

Following which, the registration department has identified the violation and cancelled them.

Apart from MP’s assets, the ED seized the properties belonging to G Brahmaji, his wife, Ch. Jagadeeswarudu, his wife and V Dileep.