Sahiti Infratech collected Rs 504 Cr for Sarvani Elite but failed to deliver, 50 cases booked

Hyderabad: Victims of Sahithi Infrastructure Ventures, as they call themselves, approached the Hyderabad police against the builders for allegedly cheating them. As per the latest details of the investigation, out of the nine projects handled by the company, including its first one Sarvani Elite, approximately Rs 1,164 crores has been collected from the customers. In the complaint, the group alleged that the builder had misled them in many ways.

It is alleged that from June 2019 to 2022 the builder collected more than Rs 504 crores and failed to complete the project, thereby cheating the investors.

Based on a complaint filed by one M Yashwanth Kumar and (240) others, a case under sections 406, 420 r/w 34 IPC was registered against Boodati Laxminarayana, MD Sahiti Infratech Ventures India Pvt. Ltd. A total of 50 cases have been registered against Sahiti Infratech Ventures India Private Limited and its directors.

As per case details, Boodati Laxminarayana (A-1), other directors, their authorised signatories and the marketing team (A-2 to A-22) by colluding with each other have induced the complainant and other victims, which consists of nearly 1,752 members, and cheated in the name of constructing high-rise apartments with 32 floors in 10 towers in their project Sahiti Sarvani Elite spread over 23 acres in Ameenpur Village, Ameenpur Mandal in Sanga Reddy district.

It is pertinent to mention here that the accused launched the prelaunch offer much before buying the land and obtaining the requisite permissions from HMDA, GHMC etc.

He started collecting deposits from the customers in June 2019, whereas he bought land of about 10 acres out of 23 acres during 2019-20 by using these deposits and the remaining 13 acres have been taken on agreement of sale for nine acres and unregistered sale agreement for four acres.

The builder further submitted that he applied for HMDA permission on May 16 and June 13, 2022, and subsequently, the HMDA gave him permission on August 1, 2022.

After collecting the above-mentioned Rs 504 crores, he started the following projects by investing the money of the above victims and collected money from other projects also. But he hasn’t completed them either.

Here is a list of the projects, the number of customers and the amount collected from them:

1. Sahiti’s Swadha Commercial in Nanakramguda: Rs 65 crores (approx.) from 69 customers

2. Shista Abode in Kompally, Medchal: Rs 79 crores (approx.) from 248 customers

3. Sahiti Green in Kompally which was cancelled later: Rs 40 crores (approx.) from 153 customers

4. Sahiti’s Sitara Commercial Rolling Hills in Gachibowli: Rs 135 crores (approx.) from 269 customers

5. Sahiti’s Maheto Centro in Banjara Hills: Rs 22 crores (approx.) from 44 customers

6. Anand Fortune in Nizampet: Rs 45.50 crores (approx.) from 120 customers

7. Sahiti Kruthi Blossom in Gachibowli: Rs 16 crores (approx.) from 25 customers

8. Sahiti Sudeeksha in Mokila: Rs 22 crores (approx.) from 30 customers

9. Ruby con Sahiti in Bachipally: Rs 6.9 crores (approx.) from 43 customers

Out of these nine projects including the first one Sarvani Elite, he had collected approximately Rs 1,164 crores. Before launching the Sarvani Elite project at Ameenpur, three projects were started. Later, to complete these projects, he diverted money from the Sarvani Elite project to these projects i.e., Karthikeya Panorama in Guttalabegum, Madhapur, Hyderabad; Sahiti Kruthi Blossom, Madhapur, Hyderabad; and Sahiti Sudheeksha, Mokhila, Shankarpally in RR District.

Data at a glance

The total amount collected by Sahithi Infrastructure Ventures from customers: Rs 11,199,393,871

Total Amount Spent:

- Group Companies: Rs 1,536,678,356

- B Lakshmi Narayana: Rs 2,024,391,560

- Refunds: Rs 700,000,000

- Advances: Rs 5,443,154,993

- Commissions: Rs 702,669,127

- Expenses: Rs 325,374,336

- Donations: Rs 143,447,000

- Repayment of Long-Term Loans: Rs 236,969,477

Total amount spent: Rs 11,11,26,84,849

The above-mentioned account was given by the auditor who has given this report based on the records given by the employees of Sahiti and our inputs.

In this account, they hadn’t given any details about two projects i.e. Sahiti Kruthi Blossom and Sahiti Sudheeksha Mokila in which he collected approximately Rs 38 crores. And also, there weren’t any accounts provided for the above three projects which were started before the Sarvani Elite, Ameenpur.

It is submitted that out of Rs 544 crores spent on advances to lands, SIVIPL has paid about Rs 104.9 crores to the landowners of Ameenpur village for 23 acres and got registered 10 acres in the company’s name and the remaining 13 acres were taken on Agreement of Sale for nine acres from Omics company and unregistered sale deed for four acres from one Kolasani Srinivas Rao.

Another important fact to note is that initially, out of these 23 acres, 18 were under JDA with the Phoenix company and the remaining five acres were bought directly from the landowners by the Omics group two acres and Sahiti three acres.

Later, they claimed that they had transferred the land along with a joint development agreement and registered 10 acres of land to the Sahiti directly from the owners. For handing over this land under joint development and registering the 10 acres to the accused company, they have collected about Rs 73 crores besides collecting market land value to their landowners.

As per available documents, B Laxmi Narayana paid about Rs 56 crores to buy the remaining nine acres and entered into an unregistered sale agreement with Omics Group represented by G Srinivas Babu.

Out of this Rs 56 crores, Rs 34 crores was sent through RTGS. Another four acres which was owned by K Srinivas Rao was bought by the SIVPIL through an unregistered sale deed.

Finally, it is submitted that out of land advances given to different persons, commissions given to the marketing team, and other amounts paid to his aides about Rs 80 crores which details are attached herewith can be collected by the investigation agency and remitted to the court.

While the investigation of the case was on, 42 victims filed writ petitions in the Telangana High Court and got an order for registering the cases and those cases to be transferred to CCS, and a joint investigation conducted by CCS.

Consequently, based on the order, all cases about 41 which were registered in different police stations of Cyberabad, Hyderabad and Medak districts were transferred to CCS during September 2023 which were about 41 and being investigated. A total of 50 cases have been registered against Sahiti Infratech Ventures India Private Limited and its directors. All these cases are being analysed and investigated.