The officials from the Directorate of Enforcement (ED) have attached movable and immovable properties worth ₹161.50 crore of M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), M/s Omics International Ltd and its promoters/directors. Officials said the properties belonged to SIVIPL’s managing director B. Lakshminarayan, former director S. Purnachandra Rao, their family members and related entities.
The case was booked under the Prevention of Money Laundering Act (PMLA) of 2002 by the ED following several FIRs registered by Telangana Police u/s 420 (cheating) of the IPC.
A total of 655 buyers of different projects undertaken by SIVIPL and other entities were promised delivery of flats or villas but were defrauded of a cumulative amount of ₹248.27 crore. “ED investigation revealed that SIVIPL had collected more than ₹250 crore from customers for its ‘Sarvani Elite’ project at Ameenpur village as well as other projects,” said an official release by ED.
The SIVIPL purchased land at Ameenpur village for a total consideration of around ₹89 crore. However, no construction was started even after three years from the launch of the project.
The ED investigation further revealed that SIVIPL paid ₹32.15 crore to Omics International Ltd for the development of nine acres of land held by them in Ameenpur village. “However, Omics International Ltd. transferred only two acres of land amounting to ₹3 crore to SIVIPL and was in possession of the remaining ₹29.15 crore, which should have been returned,” added the officials.
The probe also revealed that Sandu Purnachandra Rao, former director of SIVIPL and the then head of sales and marketing team, misappropriated ₹126 crore collected from customers, which comprised ₹50 crore collected from customers in cash between 2018 and August 2020. Further, it was found that Mr. Rao is also in possession of immovable properties worth crores of rupees either in his name or in the name of his family members or entities which were acquired by him mainly after resigning from SIVIPL by laundering the proceeds of crime. Further investigation is under progress.
