7 months ago
2
The Directorate of Enforcement (ED), Hyderabad Zonal Office, has attached movable and immovable properties worthy ₹12.65 crore belonging to M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its erstwhile manager Sandu Purnachandra Rao, his household members, and associated entities nether the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its probe pursuing respective FIRs registered by the Telangana Police against SIVIPL, its promoters, directors, and others based connected complaints from investors and homebuyers. The complainants alleged that they had been promised transportation of flats and villas but were defrauded of a full magnitude of ₹842.15 crore.
The probe revealed that SIVIPL collected funds from investors and homebuyers connected the pretext of constructing residential projects but failed to present the promised properties. The institution lacked indispensable permissions from RERA and Hyderabad Metropolitan Development Authority (HMDA), and nary escrow relationship was maintained for the project. Instead, funds were deposited into assorted slope accounts, and ₹216.91 crore was collected successful currency and deliberately excluded from the company’s authoritative accounts.
The ED stated that B. Lakshminarayana, managing manager of SIVIPL, and Purnachandra Rao, past manager and caput of income and marketing, diverted portion of the homebuyers’ funds to their idiosyncratic and household members’ slope accounts. They allegedly utilized these embezzled funds to acquisition immovable properties successful their ain names and those of their relatives and benamis.
According to the agency, Purnachandra Rao misappropriated ₹126 crore collected from customers, handling the wealth done his idiosyncratic and relatives’ slope accounts. This included ₹50 crore collected successful currency betwixt 2018 and August 2020. After resigning from SIVIPL, helium reportedly acquired assets worthy respective crores successful his and his household members’ names by laundering the proceeds of crime.
Earlier, the ED had attached properties worthy ₹161.50 crore belonging to SIVIPL, Lakshminarayana, Purnachandra Rao, and others. Both Lakshminarayana and Purnachandra Rao were arrested by the ED connected September 29, 2024, and August 25, 2025, respectively. Their bail petitions earlier the Metropolitan Sessions Judge (MSJ) Court, Nampally, and the Telangana High Court were dismissed, and they stay successful judicial custody.
A prosecution ailment successful the lawsuit was filed connected November 5, 2024, earlier the MSJ Court, Nampally, which has taken cognisance of the matter. The ED said that further probe is nether way.
