HYDERABAD: The Directorate of Enforcement Hyderabad Zonal Unit has filed a supplementary prosecution complaint before the MSJ Court, Hyderabad, against B Lakshminarayana and Sandhu Purnachandra Rao, former Director and sales and marketing head of Sahiti Infratec Ventures India, under the provisions of the Prevention of Money Laundering Act. The court took cognisance of the complaint on January 5.
The agency said the probe was initiated based on an FIR registered by Telangana police against SIVIPL, B Lakshminarayana and others for advertising a ‘Pre-Launch Offer’ for construction of a world-class residential gated community and collecting large sums from prospective buyers.
The company allegedly failed to deliver flats or refund the money, thereby cheating customers. Subsequently, several FIRs were registered following complaints from investors and buyers of various projects undertaken by SIVIPL and other group entities.
The ED investigation revealed that SIVIPL lacked mandatory RERA and HMDA permissions and had not maintained an escrow account. Funds received from investors were deposited in multiple bank accounts.
The accused allegedly collected over `800 crore through sale of inventory in illegally launched projects without requisite approvals. Large amounts of cash were not recorded in company books to conceal and siphon funds. Then, the funds were also withdrawn in cash and diverted to overseas accounts by B Lakshminarayana and family members.
Sandhu Purnachandra Rao allegedly misappropriated around Rs 126 crore, including over Rs 50 crore in cash. He later transferred 21 immovable properties under a settlement.