The properties, both immovable and mobile, are valued at Rs. 161.50 crore. that belong to M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its managing director, B. Lakshminarayan, its former director, S. Purnachandra Rao, their families, and affiliated entities have been attached by the Directorate of Enforcement (ED). M/s Omics International Ltd. in the instance of M/s SIVIPL fraud by the guidelines of the Prevention of Money Laundering Act (PMLA), 2002.
A total of 655 buyers of various projects undertaken by M/s Sahiti Infratec Ventures India Pvt. Ltd. & other group entities were the subject of various FIRs against M/s Sahiti Infratec Ventures India Pvt. Ltd. , its promoters/directors, and others were filed by the Telangana Police under section 420 of the IPC. These complaints led to the initiation of an investigation by the ED promised the delivery of apartments or villas, but a total of Rs. 248.27 crore was stolen.
According to a Directorate of Enforcement (ED) probe, M/s Sahiti Infratec Ventures India Pvt. Ltd. received over Rs. 250 Crore in client payments for their “Sarvani Elite” project in Ameenpur village, among other projects. M/s SIVIPL paid around Rs. 89 Crore in total consideration to acquire land in Ameenpur Village. But, three years after the project’s inception, M/s SIVIPL did not begin building on the property.
The ED probe also showed that, by an agreement dated June 12, 2020, M/s Sahiti Infratec Ventures India Pvt. Ltd. paid M/s Omics International Ltd. Rs. 32.15 Crore for the development of 9 acres of land held by M/s Omics International Ltd. in Ameenpur Village. Nevertheless, M/s Omics International Ltd. only moved 2 Acres of land worth Rs. 3 crore to M/s SIVIPL and held the rest of Rs. 29.15 crore, which it was supposed to return to M/s SIVIPL; as a result, it had criminal proceeds.
The ED probe further showed that Sandu Purnachandra Rao, the previous director of M/s SIVIPL and the team’s head of sales and marketing, embezzled Rs. 126 Crore that M/s SIVIPL had acquired from its customers, of which Rs. 50 Crore had been collected in cash between 2018 and August. 2020: Subsequent inquiry showed that S. Purnachandra Rao possesses immovable properties valued at crores of rupees, either in his name or the names of his family members or entities. These properties were primarily obtained by him through the laundering of criminal proceeds, following his resignation from M/s SIVIPL. An investigation is now underway.
