Hyderabad: Hyderabad police have arrested Managing Director of Sahiti Infratec Ventures Boodati Laxminarayana for allegedly cheating property buyers to the tune of Rs 539 crore.
Sahiti Infratec Ventures lured customers with prelaunch offer schemes of double/triple bedrooms varying from 1200 sqft to 1700 sqft in the 38-floor High Rise building. The `Sahiti's Sarvani Elite' project at Ameenpur was without any permission from HMDA or GHMC. The firm collected about Rs 539 crore from over more than 1700 customers.
The project failed to materialize and the victims insisted to return the money. Under pressure, he promised to return the money with 15% to 18 % interest. He even issued cheques, but those bounced.
Apart from Sahiti's Sarvani Elite project, Sahiti Infratech Ventures also started different projects in the vicinity of Hyderabad. So far Sahiti Infratech defrauded more than 2500 customers to the tune of Rs 900 Crores in various projects put together.
Police have advised the public not to fall prey to such pre-launch offers offered by Real Estate companies. Police have urged the public to check permissions for the construction of highrise buildings before purchasing any flats or plots.