ED Report: Jagan’s Ex MP Ran Fraud Empire

It is known that the Enforcement Directorate sleuths raided the properties belonging to YCP ex MP from Vizag, MVV Satyanarayana. The ED has now issued a statement on the same and here’s what the agency said.

ED initiated investigation MV Satyanarayana for forging signatures, fabricating sale documents and coercion to grab 12.51 acres of land allotted by the Government of Andhra Pradesh for construction of homes for senior citizens and orphans.

ED investigation revealed that land to an extent of 12.51 acres located in Yendana village, Visakhapatnam was allotted by the AP Government in 2008 to Hayagreeva Farms & Developers, Visakhapatnam for construction of cottages for old-age people and orphans.

The said land was registered in the name of the mentioned firm in the year 2010 on payment of Rs. 5.63 Crore (approx.. However, as per records of Andhra Pradesh Registration & Stamps Department, the market value of the said property as on the date of conveyance deed was around Rs. 30.25 Crore.

Further, investigation has revealed that after the accused fraudulently acquired the ownership of the said land, it was divided into small plots and alienated from 2021 onwards via means of registered agreements of sale and sale deeds to various persons thereby generating Proceeds of Crime of more than Rs. 150 Crore.

More shockingly, more than 300 sale deeds of immovable properties acquired in the name of Gannamaneni Venkateswara Rao, MVV Satyanarayana and their family members were found.

Going by the report, it could be seen that the ex MP nearly ran a fraudulent empire with forged documents and illegal land grabs. Notably, he was a close associate of former CM Jagan Mohan Reddy as well.