Hyderabad: ED files prosecution plaint against Sahiti Infratec MD Lakshminarayan
Led by its MD B Lakshminarayan, the company cheated close to 3,000 buyers in Hyderabad
By Newsmeter Network Published on 12 Dec 2024 1:23 PM GMT
ED files prosecution plaint against Sahiti Infratec MD Lakshminarayan
Hyderabad: The Enforcement Directorate (ED) has filed a prosecution complaint against Sahiti Infratec managing director in one of Hyderabadās biggest real estate fraud cases.
Sahiti Infratec Ventures India Private Limited (SIVIPL) has allegedly duped thousands of buyers in the guise of pre-launch offers. Led by its MD B Lakshminarayan, the company cheated close to 3,000 buyers in Hyderabad.
What did EDās investigation find?
The ED investigation revealed that SIVIPL did not have the necessary RERA/HMDA permissions to run the business. Further, there was no escrow account for the project and the funds received from investors were deposited in various bank accounts and also collected in cash.
Investigation revealed that SIVIPL generated proceeds of crime (POC) to the tune of Rs 842.15 crores by taking advance from homebuyers on the false pretext of sale of inventory in projects launched by Sahiti Group. Out of this, a sum of Rs 216.91 crores was collected from homebuyers in cash, which never made it to the books of accounts and was concealed by the promoters/directors of SIVIPL for their personal use.
The ED investigation has also revealed that the POC were siphoned off by diverting funds of SIVIPL to related as well as unrelated entities/persons by executing bogus banking transactions without any genuine business.
Further, a substantial amount of proceeds of crime in the form of cash was siphoned off from the bank accounts of SIVIPL after withdrawal. POC was also diverted and siphoned off to overseas bank accounts by B Lakshminarayana and his family members.
The ED said the funds of homebuyers were embezzled by B Lakshminaryan in connivance with Sandu Purnachandra Rao, former director of SIVIPL and head of the sales and marketing team; and that immovable properties were acquired by him out of the Proceeds of Crime in the names of his benamis.
The ED so far has seized movable and immovable properties worth Rs 161.50 crores of Lakshminarayan.
