Hyderabad: The Directorate of Enforcement (ED) on Thursday attached movable and immovable properties worth Rs 161.50 crore of Sahiti Infratec Ventures India Pvt. Ltd (SIVIPL), its MD B. Lakshminarayan, former director S. Purnachandra Rao, their family members and Omics International Ltd under the provisions of the PMLA.
The agency initiated an investigation on multiple FIRs under sections of cheating registered by Telangana police against SIVIPL, its promoters, directors and others, on complaints of investors and buyers. It was alleged that a total of 655 buyers of different projects undertaken by SIVIPL and other group entities were promised delivery of flats/villas but were defrauded of a cumulative amount of Rs 248.27 crore.
The ED investigation revealed that SIVIPL collected more than Rs 250 crore from customers for its Sarvani Elite project at Ameenpur village, as well as others, and purchased land at Ameenpur for a total consideration of around Rs 89 crore. However, no construction was started even three years after the project launch.
SIVIPL paid Rs 32.15 crore to Omics International Ltd, against an agreement dated June 12, 2020, for the development of nine acres held by the latter in Ameenpur village. However, Omics International Ltd transferred only two acres, amounting to Rs 3 crore, to SIVIPL and had the remaining Rs 29.15 crore, which should have been returned to SIVIPL and was, thus, in possession of proceeds of crime, the ED found.
The probe also found that Sandu Purnachandra Rao, former director of SIVIPL and the then head of sales and marketing, allegedly misappropriated '126 crore collected from customers of SIVIPL, including Rs 50 crore collected in cash between 2018 and August 2020.
Purnachandra Rao was found to have immovable properties worth crores of rupees, either in his name or in the name of his family members or entities which were acquired by him mainly after resigning from SIVIPL by laundering the proceeds of crime, the ED said.
