ED grills Sahiti Infra MD in Rs 360 crore money laundering probe

Investigators are also looking into the purchase of properties in AP, Telangana and Bengaluru under benami names.
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HYDERABAD: The Enforcement Directorate (ED) began questioning Bhoodati Laxminarayana, managing director of Sahiti Infra, after being granted a five-day custody by the court. Laxminarayana is being probed in connection with alleged money laundering of Rs 360 crore that was collected from 700 customers through a “pre-launch” real estate offer.

On Monday morning, ED officials took Laxminarayana into custody from Chanchalguda prison and brought him to the ED zonal office at Basheerbagh. According to sources, the investigators are focusing on the diversion of funds to other companies and persons involved in the scheme.

The ED suspects that Sahiti Infra directors and key employees were complicit in the illegal diversion of funds, some of which were allegedly transferred to personal accounts and other firms. Laxminarayana was arrested by the ED on September 29. Assets worth `161 crore have been attached so far in connection with the case.

Investigators are also looking into the purchase of properties in AP, Telangana and Bengaluru under benami names.

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