HYDERABAD: The Enforcement Directorate (ED) has arrested the managing director (MD) of Sahiti Infra, Boodati Lakshminarayana, for alleged fraud involving pre-launch real estate offers. The ED launched an investigation based on complaints that Lakshminarayana collected substantial sums of money from several consumers under the guise of plot sales. The agency has initiated a case under the Money Laundering Act against the Sahiti Group, alleging that it collected over Rs 1,800 crore through these fraudulent practices.
On Sunday night, authorities apprehended Lakshminarayana and presented him before the ED special court in Nampally on Monday. The court ordered a 14-day judicial remand for the accused. Meanwhile, ED officials have filed a custody petition for Lakshminarayana, which will be heard by the court on Tuesday.
Previously, in August 2022, a case was filed against Sahiti Infratech Ventures India Pvt Ltd MD Boodati Lakshminarayana with the Hyderabad CCS, alleging that he and his company had defrauded approximately 2,500 customers through pre-launch offers. The police registered a case and arrested Lakshmi Narayana on December 2 of the same year.