HYDERABAD: Hyderabad Central Crime Station (CCS) on Sunday said that they have registered a case against Boodati Laxminarayana, the managing director (MD) of Sahiti Infratec Ventures India Pvt Ltd, and 21 others accusing them of conspiring to dupe 1,752 customers. According to police, the total amount collected from customers is Rs 1,119.93 crore.
Investigating a complaint filed by M Yashwanth Kumar and 240 others, the investigators found that Laxminarayana, along with other directors, authorised signatories and the marketing team, lured the victims with the promise of providing high-rise apartments at the Sahiti Sarvani Elite project in Ameenpur village of Sangareddy district.
A case under Sections 406 (criminal breach of trust) and 420 r/w 34 (pertains to cheating) of the IPC was registered against the accused for alleged fraudulent activities carried out from June 2019 to 2022. According to the complaint, the accused collected over Rs 504 crore for the Sahiti Sarvani Elite project but failed to complete it. The complaint said that the accused made a ‘prelaunch offer’ even before acquiring land for the project and obtaining necessary permissions and started collecting deposits from customers in June 2019.
Investigations revealed that the accused applied to the HMDA for permission in May and June 2022, and approval was granted on August 1, 2022. The CCS said that after collecting Rs 504 crore for the Sarvani Elite project, the accused initiated several other projects but failed to complete them. The total amount collected from customers for nine projects, including Sarvani Elite, is approximately Rs 1,119 crore.
The CCS said an audit revealed a discrepancy in the financial accounts provided by Sahiti Infratec. The company allegedly didn’t provide details for two projects and failed to account for three projects launched before Sarvani Elite. The audit also shows the alleged diversion of funds to complete other projects, including Karthikeya Panorama, Sahiti Kruthi Blossom and Sahiti Sudheeksha.
The land acquisition process also raised eyebrows, with allegations of Sahiti Infratec management members diverting funds for personal gains. When the company failed to respond to their complaints, 42 customers filed writ petitions in the Telangana High Court, which transferred around 50 cases, registered across Hyderabad, Cyberabad and Medak police commissionerates, against Sahiti Infratec Ventures and its directors, to the CCS.
CCS told to probe
When Sahiti Infratec failed to respond to complaints, 42 customers filed writ petitions in the high court, which transferred around 50 cases against the firm and its directors, to the Hyderabad Central Crime Station for investigation.