Hyderabad, Jan 6 (NationPress) The Enforcement Directorate (ED) has submitted a supplementary prosecution complaint in a Hyderabad court against B. Lakshminarayana and Sandhu Purnachandra Rao, the former Director and Sales and Marketing Head of Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), under the Prevention of Money Laundering Act.

The ED's Zonal Office in Hyderabad reported that the court has acknowledged the supplementary prosecution complaint.

The Central agency's investigation stemmed from an FIR filed by the Telangana Police against SIVIPL and its officials for promoting a "pre-launch offer" for a luxurious residential gated community while failing to deliver the promised flats or refund the substantial sums collected from potential buyers, effectively defrauding them.

Numerous other FIRs have been lodged based on complaints from investors regarding various projects managed by SIVIPL and its associated entities.

According to the ED, over 700 homebuyers were deceived, losing close to Rs 360 crore collectively. The agency's findings indicated that SIVIPL lacked essential RERA/HMDA approvals. Furthermore, there was no ESCROW account for the project, and funds raised from investors were deposited in different bank accounts and also collected in cash. The accused managed to gather over Rs 800 crore through the sale of inventory in unlawfully launched projects.

The investigation unveiled that the accused concealed large sums of cash from buyers, which were not recorded in SIVIPL's accounting books, indicating a clear intent to misappropriate funds. Specifically, over Rs 216.91 crore in cash was amassed from buyers under the guise of selling inventory in the Sarvani Elite project.

Additionally, the ED found that the Proceeds of Crime were misappropriated by diverting SIVIPL's funds to both related and unrelated parties through fraudulent banking transactions devoid of any legitimate business. Substantial amounts of illicit funds in cash were also siphoned off from SIVIPL's bank accounts.

In a notable revelation, Sandhu Purnachandra Rao was implicated in the misappropriation of around Rs 126 crore, including over Rs 50 crore in cash. After a forensic audit exposed these discrepancies, Lakshminarayana filed three FIRs against Rao for fund misappropriation. Rao later reached a settlement with Lakshminarayana, transferring 21 properties to employees of the Sahiti Group and others for Lakshminarayana's benefit.

In the process, Rao also acquired properties under the names of his family members and other entities using the proceeds from these illicit activities.

Previously, the ED executed searches related to this case, confiscating incriminating evidence, digital devices, and freezing multiple bank accounts. Movable and immovable assets valued at Rs 169.15 crore were provisionally attached during the investigation under the PMLA.

Lakshminarayana and Sandhu Purnachandra Rao were arrested on September 29, 2024, and August 25, 2025, respectively, and are currently in judicial custody.