HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal Office, has attached movable and immovable properties worth `12.65 crore belonging to M/s Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), its former director Sandu Purnachandra Rao, his family members and associated entities.
The ED initiated the investigation based on multiple FIRs filed against SIVIPL, its promoters, directors and others, following complaints from investors and homebuyers who were promised flats and villas but were allegedly defrauded of a total of Rs 842.15 crore by the company and its group firms.
According to the ED, SIVIPL collected funds from homebuyers on the pretext of delivering residential units but failed to do so. The probe further revealed that the company, without obtaining mandatory RERA and HMDA approvals, collected `216.91 crore in cash from investors and kept the transactions off the books.
The ED stated that B Lakshminarayana, managing director of SIVIPL, and Sandu Purnachandra Rao, director and head of sales and marketing, diverted a portion of the homebuyers’ funds into personal and family bank accounts. The money was allegedly used to purchase immovable properties in their own names, as well as in the names of their family members and benamis.