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The Enforcement Directorate (ED) has taken a significant step in the ongoing investigation into the M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL) fraud case by attaching movable and immovable properties valued at Rs. 161.50 Crore. The targeted assets include those of SIVIPL, its Managing Director B. Lakshminarayan, former director S. Purnachandra Rao, their family members, and M/s Omics International Ltd.
The investigation was instigated by ED following multiple FIRs registered by Telangana Police under Section 420 of the IPC against SIVIPL, its promoters, directors, and others. These FIRs were filed based on complaints from 655 buyers involved in various projects undertaken by SIVIPL and affiliated entities. These buyers were promised flats and villas but ended up being defrauded of a cumulative amount of Rs. 248.27 Crore.
ED’s scrutiny revealed that SIVIPL collected over Rs. 250 Crore from customers for its ‘Sarvani Elite’ project in Ameenpur village and other ventures. While the company acquired land at Ameenpur Village for approximately Rs. 89 Crore, it failed to initiate construction on the land even three years after launching the project.
Furthermore, the investigation unveiled that M/s SIVIPL paid Rs. 32.15 Crore to M/s Omics International Ltd. for the development of nine Acres of land in Ameenpur Village. However, only 2 Acres were transferred, leaving M/s Omics International Ltd. in possession of Rs. 29.15 Crore, considered proceeds of crime.
The ED inquiry also exposed the misappropriation of Rs. 126 Crore by Sandu Purnachandra Rao, the former director of M/s SIVIPL and the head of the Sales and Marketing team. This amount included Rs. 50 Crore was collected in cash from customers between 2018 and August 2020. Further investigation disclosed that S. Purnachandra Rao possessed immovable properties, acquired mainly after resigning from M/s SIVIPL, through the laundering of proceeds of crime. The ED’s provisional attachment of assets under the Prevention of Money Laundering Act (PMLA), 2002, underscores its commitment to unraveling financial irregularities and holding those involved accountable.
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