HYDERABAD: The Enforcement Directorate (ED) concluded the raids on Phoenix Infratech, Sahithi Infratech and Pulsus Healthcare on Sunday. During the two-day raids, sleuths reportedly seized several incriminating documents on dubious transactions between the companies, said sources.
Since Saturday, the officials investigated the agreements and Memorandums of Understanding (MoUs) signed among the three companies. Sources stated that the ED has identified the transactions, cumulatively worth crores of rupees, connected to the collection of money from customers during the pre-launch of housing projects, but later, failing to deliver them on time. The Central Crime Station (CCS), Hyderabad, had registered a case in December last year and arrested its managing director Lakshminarayana for allegedly cheating customers.
The ED took over the case from the CCS in January and filed an Enforcement Case Information Report (ECIR) to look into the money laundering aspect of the case. Sources stated that the agency collected several incriminating documents on dubious transactions between the companies during the two-day searches.
The ED teams also reportedly seized pen drives, hard disks and account books. Sources further revealed that several individuals made investments in Sahithi Infratech and another firm under fictitious names.
The investigating agency is likely to file a petition in the special court seeking permission for the custody of Lakshminarayana and his son who is a director of the company.
Crores collected
Sources stated that the ED has identified transactions worth crores of rupees, connected to the collection of money from customers during the pre-launch of housing projects