ED Files PMLA Complaint Against Hyderabad's Sahiti Infratec and MD

13 Dec 2024 CW Team

The ED's investigation stemmed from an FIR registered by the Telangana police, which alleged that SIVIPL, B Lakshminarayana, and others had promoted a pre-launch offer for a world-class residential gated community. The company reportedly collected substantial amounts from potential buyers but failed to deliver the promised flats or refund the money, causing financial losses to the buyers. Additional FIRs were subsequently filed by investors and buyers linked to various projects undertaken by SIVIPL and its group entities.

The ED's inquiry revealed that SIVIPL did not have the requisite approvals from RERA and HMDA for the project. Additionally, there was no escrow account, and the funds collected from investors were deposited into multiple bank accounts and received in cash. The investigation uncovered proceeds of crime amounting to Rs 8.42 billion, with Rs 2.17 billion collected in unaccounted cash, which was allegedly concealed and used for personal purposes by the company's promoters and directors.

Further findings indicated that the funds were diverted through fraudulent banking transactions to both related and unrelated entities, with no legitimate business purpose. A substantial portion of the money was withdrawn in cash and transferred to overseas bank accounts belonging to B Lakshminarayana and his relatives.

The investigation also highlighted that the embezzlement of homebuyers' funds was carried out by B Lakshminarayana in collaboration with Sandu Purnachandra Rao, a former director of SIVIPL and the head of its sales and marketing team. The misappropriated funds were reportedly used to purchase immovable properties in the names of benami entities.

During the investigation, the ED conducted searches at various locations, seizing incriminating materials and digital devices, and freezing multiple bank accounts. Additionally, movable and immovable properties worth Rs 1.61 billion were provisionally attached. B Lakshminarayana was arrested under the provisions of the PMLA in September 2024.

The Hyderabad Zonal Office of the Directorate of Enforcement (ED) filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against Sahiti Infratec Ventures India (SIVIPL) and its Managing Director, B Lakshminarayana, before the metropolitan sessions judge court in Hyderabad. The court acknowledged the case on December 4, 2024. The ED's investigation stemmed from an FIR registered by the Telangana police, which alleged that SIVIPL, B Lakshminarayana, and others had promoted a pre-launch offer for a world-class residential gated community. The company reportedly collected substantial amounts from potential buyers but failed to deliver the promised flats or refund the money, causing financial losses to the buyers. Additional FIRs were subsequently filed by investors and buyers linked to various projects undertaken by SIVIPL and its group entities. The ED's inquiry revealed that SIVIPL did not have the requisite approvals from RERA and HMDA for the project. Additionally, there was no escrow account, and the funds collected from investors were deposited into multiple bank accounts and received in cash. The investigation uncovered proceeds of crime amounting to Rs 8.42 billion, with Rs 2.17 billion collected in unaccounted cash, which was allegedly concealed and used for personal purposes by the company's promoters and directors. Further findings indicated that the funds were diverted through fraudulent banking transactions to both related and unrelated entities, with no legitimate business purpose. A substantial portion of the money was withdrawn in cash and transferred to overseas bank accounts belonging to B Lakshminarayana and his relatives. The investigation also highlighted that the embezzlement of homebuyers' funds was carried out by B Lakshminarayana in collaboration with Sandu Purnachandra Rao, a former director of SIVIPL and the head of its sales and marketing team. The misappropriated funds were reportedly used to purchase immovable properties in the names of benami entities. During the investigation, the ED conducted searches at various locations, seizing incriminating materials and digital devices, and freezing multiple bank accounts. Additionally, movable and immovable properties worth Rs 1.61 billion were provisionally attached. B Lakshminarayana was arrested under the provisions of the PMLA in September 2024.

Infrastructure Urban

08 Apr 2026

UniAcoustic, Vicoustic Form UniVicoustic Alliance

UniAcoustic, part of United Group, has acquired a strategic stake in Portugal-based Vicoustic, forming a new alliance branded as UniVicoustic. The agreement, signed in Mumbai, marks a significant cross-border partnership aligned with evolving India–EU trade dynamics.The collaboration brings together Vicoustic’s global expertise in architectural acoustic products with UniAcoustic’s manufacturing scale and distribution capabilities. The combined platform aims to expand market reach, integrate technology and optimise supply chains across key regions.The development comes amid progress in th..

Infrastructure Urban

08 Apr 2026

Dalmia Bharat, Delhi PWD Revamp Under-Flyover Spaces

Dalmia Bharat has partnered with the Public Works Department (PWD), Government of Delhi, to redevelop select under-flyover spaces and a road stretch into sustainable urban hubs. The agreement covers key locations including Lodhi Flyover, Oberoi Flyover, Mangi Bridge and Hanuman Setu.Under the initiative, the company will undertake design, landscaping, plantation and long-term maintenance of the sites, with a defined upkeep period of three years after completion. The project aims to improve urban aesthetics while promoting environmental sustainability and biodiversity restoration in high-densit..

Infrastructure Urban

08 Apr 2026

Versigent Debuts as Independent NYSE-Listed Company

Versigent has launched as an independent publicly traded company following its separation from Aptiv, with shares commencing trading on the New York Stock Exchange under the ticker “VGNT”. The move marks a significant milestone in the company’s transition into a standalone global player in power distribution systems.The company specialises in the design, manufacturing and delivery of low- and high-voltage electrical architectures, supported by engineering centres across four continents and manufacturing operations in over 25 countries.Versigent reported revenues of $8.8 billion, net inco..