HYDERABAD: The Directorate of Enforcement (ED), Hyderabad zonal office, filed a prosecution complaint before the metropolitan sessions judge court, Hyderabad, against Sahiti Infratec Ventures India Private Limited (SIVIPL) and its managing director, B Lakshminarayana, under provisions of Prevention of Money Laundering Act (PMLA). Court took cognisance of the case on Dec 4, 2024.
ED initiated its probe based on an FIR filed by Telangana police against SIVIPL, B Lakshminarayana, and others for promoting a pre-launch offer for a world-class residential gated community.
The company allegedly collected huge sums from prospective buyers but failed to deliver the flats or refund the money, thereby cheating them of their savings. Additional FIRs were filed by investors and buyers of various projects undertaken by SIVIPL and other group entities.
The ED investigation revealed that SIVIPL lacked necessary approvals from RERA and HMDA. Moreover, there was no escrow account for the project, and funds received from investors were deposited into multiple bank accounts and collected in cash.
The investigation identified proceeds of crime amounting to 842 crore, generated by collecting advances from homebuyers under false pretences. Of this amount, 217 crore was collected in cash, which was not accounted for and was concealed for personal use by the promoters & directors of SIVIPL.
The ED further revealed that the funds were siphoned off through bogus banking transactions to related and unrelated entities without any legitimate business purpose. A significant portion of the funds was withdrawn in cash and diverted to overseas bank accounts belonging to B Lakshminarayana and his kin.
The investigation highlighted that homebuyers’ funds were embezzled by B Lakshminarayana in collusion with Sandu Purnachandra Rao, a former director of SIVIPL and head of the sales and marketing team. Proceeds of crime were used to acquire immovable properties in the names of benamis.
During investigation, ED conducted searches at various premises, seizing incriminating material and digital devices, and froze several bank accounts. Movable and immovable properties worth 161.5 crore were provisionally attached. B Lakshminarayana was arrested under PMLA provisions in Sept 2024.
Source Homevior.in
