HYDERABAD: The Enforcement Directorate (ED) is set to interrogate Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) managing director Boodati Lakshminarayana, from Oct 14 to 18 to trace the routing of proceeds from the massive Sahiti Infra scam.
Lakshminarayana, who was arrested on Sept 29 in connection with the scam, will be taken into ED custody from Chanchalaguda jail for questioning and returned on Fri to judicial custody. The Special PMLA Court in Nampally granted ED custody of the accused for a five-day period.
Lakshminarayana is the prime accused in a scam that duped thousands of investors of approximately 360 crore. The ED investigated the case based on an FIR filed by the police in the city. The prime accused, along with others, advertised a “pre-launch offer” for a high-end residential gated community, collecting huge amounts from potential buyers but failing to deliver the promised flats or refund the money.
More than 700 homebuyers were cheated after they paid money in multiple projects under Sahiti Infratec and its associated entities. The probe revealed that SIVIPL did not have the necessary permissions from RERA or HMDA for its projects, nor did it establish an ESCROW account to safeguard the buyers’ investments. Instead, funds were funnelled into various bank accounts, including those belonging to Lakshminarayana and his family members, and large amounts of cash were also withdrawn.
ED’s probe further uncovered Lakshminarayana’s collaboration with former SIVIPL director, Sandu Purnachandra Rao, who headed the sales and marketing team. Together, they allegedly embezzled funds and acquired immovable properties under Benami names using the proceeds of the crime.
Despite multiple summons issued by the ED, Lakshminarayana evaded authorities by submitting fake medical certificates and absconding for a prolonged period. He was finally arrested on Sept 29, 2024, based on a tip-off.
Source Homevior.in
