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

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

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 A substantial portion of the money was withdrawn in cash and transferred to overseas bank accounts belonging to B Lakshminarayana and his relatives.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.

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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code