HMDA former director Shiva Balakrishna arrested in disproportionate assets case

Shiva Balakrishna, the former director of HMDA (Hyderabad Metropolitan Development Authority), has been arrested for possessing disproportionate assets. During a search of his house, a significant amount of assets were discovered, leading to his arrest and detention at Banjara Hills Police Station. It is expected that he will produced in court today.

While the search at Balakrishna's house has concluded, investigations are still ongoing at four other locations. Additionally, the Anti-Corruption Bureau (ACB) officials will be opening his bank lockers. It is estimated that Balakrishna has amassed around Rs. 500 crores in illegal assets, thanks to his close association with a senior IAS officer and by concealing his position. A case related to disproportionate assets has already been registered against him.

The assets that have been identified so far include Rs. 40 lakhs in cash, gold worth five crores, documents related to immovable properties, 70 acres of land, houses, 60 expensive watches, 100 mobile phones, four cars, and ten laptops. Furthermore, it is noteworthy that Balakrishna had cash counting machines at his residence. Officials believe that after the opening of his bank lockers and the search of his relatives' houses, more assets are likely to be discovered. ACB has announced that they will be questioning officials associated with Balakrishna.

The value of the assets uncovered as of Wednesday evening exceeds Rs. 100 crores in the open market, making it the largest-scale property seizure in recent ACB raids.