ED seizes assets worth Rs. 6.1 crore in Hyderabad linked to CSK Realtors & Singh Mansions
Hyderabad: The Directorate of Enforcement (ED) conducted search operations in Hyderabad on December 19, 2024, under the Prevention of Money Laundering Act (PMLA), 2002. The searches targeted the premises of Suresh Kr. Agarwal and Rakshit Agarwal are connected to CSK Realtors Ltd. and Singh Mansions Pvt. Ltd.
During the raids, the ED seized jewelry and bullion worth Rs. 5.42 crore, along with unaccounted cash amounting to Rs. 72.75 lahks. The total value of the assets seized was approximately Rs. 6.15 crore. In addition, the authorities recovered documents suggesting suspicious financial transactions, property records, and other incriminating materials.
The ED’s investigation originated from multiple FIRs filed by the Telangana Police against Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), B. Lakshminarayana, and others. The complaints were lodged by investors who alleged that they had been defrauded after SIVIPL took large sums of money for residential projects but failed to deliver the promised flats or refund the payments.
The investigation revealed that SIVIPL lacked the necessary approvals for its projects and did not maintain an ESCROW account for investor funds. Instead, the company deposited the money into various bank accounts and collected cash payments. The total proceeds of crime amounted to Rs. 842.15 crore, generated by taking advances from homebuyers under false pretenses.
Of this amount, Rs. 216.91 crore was collected in cash, which was concealed by the promoters for personal use and not recorded in SIVIPL’s books. The funds were diverted to various unrelated entities through fraudulent banking transactions.
The ED also found that Suresh Kr. Agarwal and Rakshit Agarwal’s companies conducted transactions worth over Rs. 20 crores with SIVIPL, involving property sales and purchases. Despite being summoned multiple times, both Agarwals failed to cooperate with the investigation by not providing the required documents.
Earlier, the ED had attached assets worth Rs. 161.5 crore in this case. B. Lakshminarayana, Managing Director of SIVIPL, was arrested on September 29, 2024. A Prosecution Complaint was filed against SIVIPL and Lakshminarayana, and the Hon’ble Court took cognizance of the case on December 4, 2024. Lakshminarayana remains in judicial custody. The investigation is ongoing.
