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 A substantial portion of the money was withdrawn in cash and transferred to overseas bank accounts belonging to B Lakshminarayana and his relatives.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

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code