ED files Prosecution Complaint against Sahiti Infratec Ventures
Hyderabad: Enforcement Directorate (ED), Hyderabad has filed a Prosecution Complaint (PC) before the MSJ Court, Hyderabad against M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL) and its Managing Director B. Lakshminarayan under the Prevention of Money Laundering Act (PMLA), 2002. The Court has taken cognizance on 4, December 2024.
ED initiated an investigation based on an FIR registered by Telangana Police against M/s SIVIPL, B. Lakshminarayan & others for advertising a “Pre-Launch Offer” for a world-class residential gated community and collecting huge amounts from prospective buyers. The company failed to deliver the flats or refund the money, cheating customers. Subsequently, various other FIRs were registered based on complaints of investors/buyers of different projects by M/s SIVIPL & other group entities.
The Anti-Money Laundering Agency found that SIVIPL lacked RERA/HMDA permission, had no ESCROW account for the project, and deposited investor funds in various bank accounts and cash. SIVIPL generated Proceeds of Crime of Rs. 842.15 Crore by taking advance from homebuyers under false pretext of selling inventory in projects launched by Sahiti Group. Out of this, a sum of Rs. 216.91 Crore was collected from homebuyers in cash, unrecorded, and concealed by the promoters/directors of M/s SIVIPL for their personal use.
Sahiti Group MD for embezzled homebuyers’ funds worth of over Rs 800 crores
“Investigation revealed that the Proceeds of Crime (POC) were siphoned off by diverting SIVIPL’s funds to related and unrelated entities / persons via bogus banking transactions without genuine business. A substantial amount of cash POC was siphoned from M/s SIVIPL’s bank accounts after withdrawal. They were diverted and siphoned to overseas accounts by B. Lakshminarayana and his family,” said ED in a statement.
ED investigation revealed that B. Lakshminaryan embezzled homebuyers’ funds in connivance with Sandu Purnachandra Rao, former Director of SIVIPL and head of Sales and Marketing team. It also revealed that he acquired immovable properties with Proceeds of Crime in benami names.
Earlier, the ED conducted searches in connection with the case at various premises, seized incriminating material, digital devices, and froze several bank accounts. During the PMLA investigation, Rs. 161.50 Crore worth of movable and immovable properties were provisionally attached. Further, B. Lakshminarayan was arrested under PMLA, 2002 on 29 September 2024. Further investigation is ongoing.
