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 A substantial portion of the money was withdrawn in cash and transferred to overseas bank accounts belonging to B Lakshminarayana and his relatives.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

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