MD of Sahiti Infratec Ventures arrested by ED

Sahiti Infratec Ventures India Pvt. Ltd. MD arrested by ED for ₹360 crore scam, facing custody petition for questioning

The Managing Director of Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), Boodati Lakshminarayan, was arrested by the Directorate of Enforcement (ED), Hyderabad Zonal Unit on September 30. He was sent to judicial remand till October 14. The ED will be filing a petition seeking his custody for questioning into the ₹360-odd crore scam. 

Sources close to the investigation from the ED said one team was sent to nab the absconding accused from a place in Miyapur on September 30. “He was absconding for close to two years. We had to bring him in for questioning to probe further into the scam and enquire about other key players involved in this,” sources said.

An investigation was launched against SIVIPL’s B. Lakshminarayan and others following an FIR registered by Telangana Police. The case was booked against them for advertising a ‘pre-launch offer’ for the construction of a ‘world-class residential gated community’ and collecting huge amounts from prospective buyers. The company, however, failed to deliver the flats to the customers or to refund their money and thus cheated them of their hard-earned savings.

Subsequently, various other FIRs were registered based on complaints from investors/buyers of different projects undertaken by SIVIPL and other group entities. More than 700 homebuyers, who were promised delivery of flats/villas, were defrauded of a cumulative amount of close to ₹360 crore. 

ED investigation revealed that SIVIPL did not have the necessary RERA/HMDA permission. Further, there was no Escrow account for the project and the funds received from investors were deposited in various bank accounts and also collected in cash. B. Lakshminarayan diverted part of the said funds to his personal bank accounts and in the bank accounts of his family members. Substantial funds were also withdrawn in the form of cash.

ED investigation further revealed that funds of homebuyers were embezzled by B. Lakshminarayan in connivance with Sandu Purnachandra Rao, former Director of SIVIPL and head of Sales and Marketing team; and that immovable properties were acquired by him out of the Proceeds of Crime (PoC) with benami names.

“During the ED investigation, B. Lakshminarayan remained evasive, submitted fake medical certificates and did not appear in response to numerous summonses issued to him. He was absconding for a long period of time. Acting on a tip off, he was finally apprehended from a place in Miyapur and placed under arrest,” explained an officer from the Directorate. 

Earlier, ED had conducted searches in connection with the case at various premises, seized incriminating material, digital devices and had frozen several bank accounts. Further, movable & immovable properties worth ₹161.50 crore were provisionally attached during the course of PMLA investigation.

Further investigation is underway.

Published - September 30, 2024 08:12 pm IST