ED takes over another chunk of land owned by Satyam’s Raju

The Enforcement Directorate (ED), one of the agencies investigating the massive accounting fraud at the erstwhile Satyam Computer Services, on Friday confiscated 500 acres of land belonging to Satyam founder B Ramalinga Raju, his family members and other relatives.

Charging that the property was acquired from fraudulent proceeds of the Satyam scam, the ED began the process of taking over the land at Loyapalli and Bandalemuru villages in Rangareddy district under the Prevention of Money Laundering Act.

The ED, which has attached 347 such properties so far, gave some time to the Rajus for handing over these properties to them and when that didn't happen, it began taking physical possession of the land. The property in Loyapalli is one among the 347 properties that has been attached but is the single largest asset.

The ED began the process of physical attachment of the property after its adjudicating authority in Delhi last week confirmed the provisional orders issued by the ED on these properties.

Taking physical possession includes installing a board that carries a warning on it saying that this is now a property of the government and that trespassers will be prosecuted, etc. Among the remaining assets which have been attached by the ED but where the physical possession is still to happen is the spacious Jubilee Hills residence of Teja Raju, son of Ramalinga Raju.

The properties were in the name of 13 registered companies. Raju-owned properties taken over by the ED has so far include agricultural plots and flats owned by Raju and 131 others, including his family members, allegedly acquired through the proceeds from the country's largest corporate fraud.