Why Telugu superstar Mahesh Babu has been summoned by the ED in money laundering probe?
Telugu superstar Mahesh Babu has been summoned by the Enforcement Directorate (ED) on April 28 in connection with a money laundering probe involving Hyderabad-based firms Sai Surya Developers and the Surana Group, according to a report on NDTV.
At the heart of the investigation is the Dh2.6 million the actor reportedly received for endorsing projects by Sai Surya Developers — around Dh1.5 million via cheque and Dh1.1 million. It's the cash component that's raised eyebrows, with officials suspecting it may be tied to funds collected through fraudulent means.
What's the case about?
According to Economic Times, the ED's investigation stems from multiple FIRs filed by Telangana Police against Narendra Surana, MD of Bhagyanagar Properties Ltd and K. Sathish Chandra Gupta, owner of Sai Surya Developers. They are accused of cheating land buyers by collecting hefty advances for plots in unauthorised layouts — some of which were sold multiple times. False promises of legal registration and no formal agreements sealed the scam.
Recent raids uncovered millions in unaccounted cash and documents suggesting Rs 1 billion was funneled through illegal transactions. The money is believed to be proceeds of crime, redirected for personal use.
Why Mahesh Babu?
While the actor isn't accused of direct involvement in the fraud, his endorsement is seen as having boosted public trust in the now-tainted projects. Investigators want to determine if he knew about the irregularities or the dubious source of the payments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
14 hours ago
- Al Etihad
Delta warns new tariffs could force it to stop buying foreign-made aeroplanes, impacting millions of customers
5 June 2025 21:29 WASHINGTON (REUTERS)Delta Air Lines warned that new tariffs on imported aeroplanes and parts could force the airline to stop buying foreign-made planes, impacting millions of customers. The Atlanta-based carrier told the US Commerce Department in comments seen by Reuters Thursday that in 2023 and 2024 it took delivery of 47 Airbus aircraft produced in Canada, Germany and France. If the carrier had not been able to take delivery of those planes because of tariffs, it would have forced flight cancellations impacting 10 million customers. Delta said a "similar impact could be expected going forward" if the Trump administration imposes new tariffs.
Zawya
18 hours ago
- Zawya
France's Dassault and India's Tata to produce Rafale fuselage in Hyderabad
France's Dassault Aviation and India's Tata Advanced Systems have agreed to manufacture the fuselage of the Rafale fighter aircraft in India, the companies said on Thursday, the first time it will be produced outside France. India, the world's biggest arms importer, has been looking to step up domestic production and boost defence exports, which jumped 12% in the fiscal year to end-March, to $2.76 billion. Tata will set up a production facility in the southern city of Hyderabad to manufacture key structural sections of the Rafale as part of the agreement, the companies said in a statement. The first fuselage sections are expected to roll off the assembly line in the 2028 financial year, with the facility expected to deliver up to two complete fuselages per month, they said. The statement did not say how much the deal was worth nor whether the finish products would be for domestic use or export, but Tata Advanced Systems said on X that the fuselage would be "for India and other global markets". The Indian Air Force currently operates 36 Rafale fighters. India also signed a deal in April with France - its second-largest arms supplier - to buy 26 naval versions of the jets for $7 billion, which are expected to be delivered by 2030. The South Asian nation is looking to modernise its military and boost domestic weapons' production, particularly to strengthen its defences against neighbours Pakistan and China. India used fighter jets in four-days of fierce clashes with Pakistan last month, after a deadly attack by Islamist assailants that killed 26 men in Indian Kashmir. Pakistan's defence minister had said three of India's Rafale fighter jets had been shot down during the fighting but did not share any evidence. One U.S. official told Reuters that at least one downed Indian aircraft was a Rafale. Dassault Aviation had declined to comment. India's chief of defence staff told Reuters in an interview last week that India suffered losses in the air, but declined to give details. ($1 = 85.7970 Indian rupees) (Reporting by Sakshi Dayal; Editing by YP Rajesh, Kirsten Donovan)
Arabian Post
a day ago
- Arabian Post
UAE Pushes for Trade Deal to Counteract U.S. Metal Tariffs
Arabian Post Staff -Dubai The United Arab Emirates and the United States are preparing to initiate negotiations for a potential bilateral trade agreement aimed at reducing or eliminating tariffs imposed during President Donald Trump's administration on UAE steel and aluminium exports. These tariffs include a baseline 10% duty and a specific 25% tariff on steel and aluminium—which the Trump administration plans to double to 50%. The UAE, whose steel and aluminium are significant non-oil exports and accounted for 8% of U.S. steel and aluminium consumption in 2024, is looking to leverage its history of swiftly concluded trade deals with nations such as India, Turkey, and Australia. While the U.S. may pursue a limited agreement rather than a full free trade pact, it is expected to be labeled a Comprehensive Economic Partnership Agreement , consistent with the UAE's past trade deals. ADVERTISEMENT The UAE, Washington's largest trade partner in the Middle East with $34.4 billion in bilateral trade in 2024, is also a major U.S. investor and security ally, hosting American troops and planning $1.4 trillion in future U.S. investments. Both sides reportedly responded positively to the idea during Trump's recent visit to Abu Dhabi, though a timeline for formal talks remains unclear. The Trump administration's decision to double tariffs on imported steel and aluminium to 50% took effect on June 4, 2025, impacting nearly all trading partners except the United Kingdom, which has a preliminary trade agreement with the U.S. The policy significantly affects major U.S. trading partners like Canada and Mexico, with Canada being the leading exporter of aluminium to the U.S. and both countries ranking high in steel exports. UAE-based steel producers expect to escape major impact from the latest move by the U.S. to double tariffs on steel imports. The new tariffs apply to all trading partners except the UK, which struck a preliminary trade agreement with the U.S. last month. However, steel manufacturers in the UAE don't anticipate a hard hit. The U.S. decision to double steel import tariffs 'may have an indirect effect on market dynamics but is not expected to materially impact Emsteel's business,' said Michael Rion, chief commercial officer at Emirates Steel, part of Abu Dhabi-listed Emsteel Group. The company has a 'modest exposure' to the U.S. market, with exports accounting for less than 2% of total annual sales. The UAE's push for a trade agreement with the U.S. is part of its broader strategy to mitigate the impact of increased tariffs and strengthen economic ties. The potential agreement, discussed during President Trump's visit to Abu Dhabi, seeks to address the challenges posed by the new tariffs and reinforce the economic partnership between the two nations.
