What Happened in the Sahiti Infratec Case? ED Attaches Rs 12 Crore Assets
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Synopsis
In a significant development, the ED has attached assets worth Rs 12.65 crore from Sahiti Infratec, amid allegations of defrauding homebuyers. This article delves into the details of the case, the accused parties, and the ongoing investigations that have left many victims seeking justice.
Key Takeaways
- ED has seized Rs 12.65 crore from Sahiti Infratec.
- Multiple cases have been filed against the accused.
- Victims are demanding justice through protests.
- The fraud involved over Rs 1,119 crore from homebuyers.
- Transparency in real estate is crucial to protect consumers.
Hyderabad, Oct 24 (NationPress) The Enforcement Directorate (ED) has seized assets totaling Rs 12.65 crore belonging to Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), along with its former director Sandu Purnachandra Rao and his family members. This action is part of an ongoing PMLA investigation concerning fraudulent activities affecting homebuyers, as confirmed by an official on Friday.
The Hyderabad Zonal Office of the ED executed the attachment under the PMLA, 2002, raising the total value of confiscated assets in this case to Rs 174.15 crore, according to the statement released by the official.
Boodati Lakshminarayan, the Managing Director of SIVIPL, was apprehended by the ED in September of last year under money laundering charges exceeding Rs 1,000 crore.
In December 2023, the ED had previously attached properties worth Rs 161.50 crore linked to SIVIPL, its Managing Director, former director S. Purnachandra Rao, their family members, related entities, and Omics International Ltd.
In January 2024, the Hyderabad Police initiated a case against Lakshminarayana and 21 others for allegedly conspiring to defraud 1,752 customers, collecting a staggering Rs 1,119.93 crore from them.
The investigation began following a complaint lodged by M. Yashwanth Kumar and 240 other victims, revealing that Lakshminarayana, along with other directors and the marketing team, enticed clients with promises of high-rise apartments at the Sahiti Sarvani Elite project located in Ameenpur village of Sangareddy district.
These individuals were charged with engaging in fraudulent activities between June 2019 and 2022.
The complaint indicated that the accused made a 'prelaunch offer' even before securing land for the project and obtaining the necessary permissions, starting to collect deposits from customers in June 2019.
Investigators found that the accused submitted applications to the Hyderabad Metropolitan Development Authority (HMDA) in May and June 2022, receiving approval on August 1, 2022.
According to the findings, after amassing Rs 504 crore for the Sarvani Elite project, the accused launched several other projects but failed to deliver on them. The total funds collected from customers across nine projects, including Sarvani Elite, amounted to approximately Rs 1,119 crore.
In May, an additional case was filed against Sahiti Infra and Lakshminarayana following a victim's complaint.
Victims of the Sahiti Sarvani Elite project also protested in May, urging police to accelerate the investigation into what they deemed the “largest real estate scam in Telangana”.
Point of View
I believe that transparency in real estate transactions is essential for protecting consumer rights. The Sahiti Infratec case serves as a critical reminder of the need for stringent regulatory oversight in the real estate sector to prevent such fraudulent activities from recurring.
NationPress
24/10/2025
Frequently Asked Questions
What are the charges against Sahiti Infratec?
Sahiti Infratec is facing charges of fraud against homebuyers, with allegations of collecting over Rs 1,119 crore without delivering promised projects.
How much has the ED seized from Sahiti Infratec?
The Enforcement Directorate has seized assets worth Rs 12.65 crore in connection with the ongoing investigation.
What actions have been taken against the accused?
The ED has arrested key figures, including Managing Director Boodati Lakshminarayan, and has initiated multiple cases against them.
What is the status of the ongoing investigations?
Investigations are ongoing, with multiple complaints filed by victims and an increasing number of cases registered against the accused parties.
What can victims do if they have been affected?
Victims are advised to file formal complaints with the authorities and participate in any ongoing investigations to seek justice.
