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Hyderabad, Oct 24 (IANS) The ED has attached movable and immovable assets worth Rs 12.65 crore of Sahiti Infratech Ventures India Pvt Ltd (SIVIPL), its former director Sandu Purnachandra Rao and his family members in a PMLA case related to fraud on home buyers. An official gave this information on Friday.
The Hyderabad zonal office of the Enforcement Directorate has attached movable and immovable properties under the PMLA, 2002, taking the value of assets seized so far in this case to Rs 174.15 crore, the official said in a statement.
SIVIPL managing director Budati Lakshminarayana was arrested by the ED in September last year under provisions of money laundering charges of over Rs 1,000 crore.
In December 2023, the ED booked SIVIPL, its managing director, its former director, S. Movable and immovable properties worth Rs 161.50 crore belonging to Purnachandra Rao, his family members and related entities and Omics International Limited were attached.
In January 2024, Hyderabad Police registered a case against Lakshminarayana and 21 others for conspiring to defraud 1,752 customers. The accused had collected Rs 1,119.93 crore from customers.
During investigation of the complaint filed by M. Yashwanth Kumar and 240 others, the police found that Lakshminarayana, along with other directors, authorized signatories and marketing team, promised the victims to provide high-rise apartments in the Sahitya Saravani Elite project at Aminpur village in Sangareddy district.
He was booked for alleged fraudulent activities carried out from June 2019 to 2022.
According to the complaint, the accused made a ‘prelaunch offer’ and started collecting deposits from customers in June 2019, even before acquiring land for the project and obtaining necessary permissions.
Investigation revealed that the accused had applied to the Hyderabad Metropolitan Development Authority (HMDA) for permission in May and June 2022 and the approval was granted on August 1, 2022.
Investigators said that after collecting Rs 504 crore for the Sarwani Elite project, the accused started several other projects but failed to complete them. The total amount collected from customers for the nine projects including Sarvani Elite is approximately Rs 1,119 crore.
Another case was registered against Sahitya Infra and Laxminarayan following a complaint by a victim in May.
Victims of the Sahitya Saravani elite also held a protest in May, demanding that the police expedite the investigation into what they called “the biggest real estate scam in Telangana”.
–IANS
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