HYDERABAD: The Directorate of Enforcement Hyderabad Zonal unit conducted searches at two premises in Hyderabad related to M/s CSK Realtors Ltd, M/s Singh Mansions Pvt Ltd, Suresh Kr Agarwal and Rakshit Agarwal on Thursday under the provisions of the Prevention of Money Laundering Act, 2002.
According to ED sources, the searches at the premises of Suresh Kr Agarwal and Rakshit Agarwal led to seizure of jewellery and bullion valued at Rs 5.42 crore and unaccounted cash amounting to Rs 72.75 lakh. The total value of seized property amounted to approximately Rs 6.15 crore. Further, incriminating documents indicating suspicious and unaccounted cash transactions, property documents, etc., were seized.
The agency initiated investigation on the basis of several FIRs registered by Telangana police under IPC, 1860 against M/s SIVIPL, B. Lakshminarayan and others on the basis of complaints of investors/buyers of different projects undertaken by M/s SIVIPL and other group entities. M/s SIVIPL, Lakshminarayana and others allegedly collected huge amounts from prospective buyers of residential premises but failed to deliver flats or to refund their money.
The ED investigation revealed that SIVIPL did not have the necessary statutory permissions. Further, there was no ESCROW account for the project and the funds received from investors were deposited in various bank accounts. Investigation revealed that M/s SIVIPL generated Rs 842.15 crore by taking advance from homebuyers on false pretext of sale of inventory in projects launched by Sahiti Group. Out of this, a sum of Rs 216.91 crore was collected from homebuyers in cash, which never made it to the books of accounts and was concealed by the promoters/directors of M/s SIVIPL for their personal use.
Proceeds of crime were siphoned off by diverting the funds of M/s SIVIPL to related as well as unrelated entities / persons by executing bogus banking transactions without any genuine business. During investigation, it was found that companies of Suresh Kr Agarwal and Rakshit Agarwal entered into high value transactions valued at more than Rs 20 crore with M/s SIVIPL and engaged in sale and purchase of properties. Suresh Kr Agarwal and Rakshit did not appear before court in response to summons and did not submit requisite documents thereby not cooperating in the ongoing investigation.
The ED had earlier attached properties worth Rs 161.5 crore in the case.
Subsequently, B Lakshminarayana, Managing Director of M/s Sahiti Infratec Ventures India Pvt Ltd was held.