ED Arrests Ex-Sahiti Infratec Director in ₹360-Crore Fraud Case
According to officials, SIVIPL advertised a pre-launch offer which promised world-class residential gated communities.
Hyderabad:The Enforcement Directorate (ED) apprehended Sandu Purnachandra Rao, former director of Sahiti Infratec Ventures India Pvt. Ltd (SIVIPL), in connection with the laundering of over Rs 360 crore collected from more than 700 homebuyers through fraudulent pre-launch real estate schemes. He was produced before the PMLA special court at Nampally on Tuesday and remanded to 15 days judicial custody.
According to officials, SIVIPL advertised a pre-launch offer which promised world-class residential gated communities. Hundreds of homebuyers showed interest and paid advance amounts for flats and villas but they neither received their properties nor any refund. There were complaints registered against SIVIPL over different projects.
An ED official stated: “Investigation revealed that SIVIPL did not have the necessary RERA/HMDA permission. Further, there was no escrow account for the project and funds received from investors were deposited in various bank accounts and collected in cash. Investigation revealed that SIVIPL generated proceeds of crime to the tune of `842.15 crore by taking advance from homebuyers on false pretext of sale of inventory in projects launched by Sahiti Group.”
Of this, the ED said, `216.91 crore was collected from homebuyers in cash, which never made it to the books of accounts and was concealed by the promoters or directors of SIVIPL for their personal use.
Rao also assisted company head B. Lakshminarayana in concealing unaccounted cash collections and misappropriated around `126 crore, including `50 crore collected in cash. To cover up, he entered into a settlement with Lakshminarayana, transferring 21 immovable properties in the names of employees for the beneficial ownership of Lakshminarayana.
ED’s probe revealed that proceeds of crime were diverted into the purchase of properties through other entities linked to Rao, including Royal Nirman Infra Projects, Mahogany Farmlands, and Sreegruha Estates. Immovable properties worth 161.50 crores were already provisionally attached under PMLA. Earlier searches by ED led to the seizure of incriminating material, gadgets, and frozen bank accounts. Rao’s arrest is followed by a series of FIRs registered by Telangana Police and complaints by defrauded buyers. Lakshminarayana, managing director of SIVIPL, was arrested by ED last year and remains in custody and further investigation is in progress.