ED files supplementary complaint against Sahiti Infratec directors

The Enforcement Directorate has filed a supplementary prosecution complaint against former directors of Sahiti Infratec Ventures India Private Limited in a money laundering case, alleging that over 700 homebuyers were cheated of nearly Rs 360 crore through stalled housing projects

Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office has filed a ‘Supplementary Prosecution Complaint’ before the MSJ Court, Hyderabad against B Lakshminarayana and Sandhu Purnachandra Rao, former Director and Sales and Marketing Head of Sahiti Infratec Ventures India Private Limited (SIVIPL), under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The court has taken cognisance of the same on January 5 (Monday).

The ED took up the investigation on the basis of an FIR registered by Telangana Police against SIVIPL, B Lakshminarayana and others 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 customers or refund their money and thus cheated them of their hard-earned savings.

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Subsequently, various other FIRs were registered based on complaints from buyers of different projects undertaken by the company and other group entities. More than 700 homebuyers, who were promised delivery of flats and villas, were defrauded of a cumulative amount of close to Rs 360 crore, it is alleged.

The ED investigation revealed that SIVIPL did not have the required RERA and HMDA permissions. 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.