ED attaches properties worth Rs 161.5 crores of Hyderabad-based Sahiti Infratec
Sahiti Infratec promised to deliver flats/villas but were defrauded of a cumulative amount of Rs 248.27 crores.
By Coreena Suares Published on 21 Dec 2023 2:44 PM GMT
Hyderabad: Properties worth Rs 161.5 crores of Hyderabad-based Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL) have been attached by the sleuths of the Enforcement Directorate.
The company is owned by managing director, B Lakshminarayan, its former director S Purnachandra Rao, their family members and Omics International Ltd.
Over 655 investors/buyers of different projects undertaken by SIVIPL and other group entities lodged complaints that Sahiti Infratec promised to deliver flats/villas but were defrauded of a cumulative amount of Rs 248.27 crores.
Sravani Elite project was never delivered
The Central agency acted on several complaints filed by the Telangana Police under Section 420 IPC (cheating) against Sahiti Infratec Ventures India.
The ED investigation revealed that SIVIPL collected more than Rs 250 crores from customers for its Sarvani Elite project in Ameenpur village as well as other projects. SIVIPL purchased land at Ameenpur Village for Rs 89 crores. However, no construction was started on the land by SIVIPL, three years after the launch of the project.
Claims of money laundering
According to the agency, SIVIPL paid Rs 32.15 crores to Omics International Ltd. against an agreement dated June 12 2020, for the development of nine acres of land held by Omics International Ltd. in Ameenpur Village.
However, Omics International Ltd. transferred only two acres amounting to Rs 3 crores to SIVIPL and owned the remaining Rs 29.15 crores which should have been returned by it to SIVIPL and was thus in possession of ‘proceeds of crime.’
“Sandu Purnachandra Rao, former director of SIVIPL and the then head of sales and marketing team, misappropriated Rs 126 crores collected from customers of SIVIPL, which comprised Rs 50 crores collected from customers in cash between 2018 and August 2020. Purnachandra Rao has immovable properties worth crores of rupees either in his name or in the name of his family members or entities which were acquired by him mainly after resigning from SIVIPL by the laundering of the proceeds of crime,” ED said in its investigation.
