HYDERABAD: The Hyderabad zonal unit of the Directorate of Enforcement (ED) registered a case against Sahiti Constructions in connection with the diversion of money from the company to other accounts, even while the company is facing allegations of cheating 1,500 customers who booked flats under the pre-launch scheme.
The company collected around Rs 400 crore from customers but failed to deliver the flats in time. The buyers lodged a complaint against company managing director Lakshminarayana at Central Crime Station, Hyderabad, in August. On basis of the FIR, the ED registered a case against Sahiti Constructions and its MD.
Cheques bounced
Sources of the agency said that several suspicious transactions from the company to other companies as well as individuals were recorded. The ED suspects that the money collected from customers were diverted for other purposes instead of claimed business.
The company earlier announced that money will be given back to customers but the management failed to honour it and the cheques given by the company for the refund amount bounced. Sources said teams are likely to proceed with further investigation in the coming days and want to interrogate several key people in the entire episode.
Collected Rs 400 crore
The company collected around Rs 400 crore from customers but failed to deliver the flats in time. The buyers lodged a complaint against company MD Lakshminarayana at Central Crime Station, Hyderabad, in August earlier this year