HYDERABAD: The ED connected movable and immovable properties price Rs 12.65 crore belonging to Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), its former director Sandu Purnachandra Rao and his members of the family in a PMLA case associated to fraud with homebuyers, an official stated on Friday. The Hyderabad Zonal Workplace of the Enforcement Directorate connected the movable and immovable properties underneath PMLA, 2002, taking the worth of seized property on this case up to now to Rs 174.15 crore, stated the official in a press release.

Boodati Lakshminarayan, Managing Director of SIVIPL, was arrested by the ED in September final 12 months underneath provisions for cash laundering involving over Rs 1,000 crore. In December 2023, the ED had connected movable and immovable properties price Rs 161.50 crore belonging to SIVIPL, its Managing Director, its former director, S. Purnachandra Rao, their members of the family and associated entities and Omics Worldwide Ltd.

In January 2024, the Hyderabad Police registered a case in opposition to Lakshminarayana and 21 others for allegedly conspiring to dupe 1,752 prospects. The accused had collected Rs 1,119.93 crore from the purchasers. In the course of the investigation into the criticism filed by M. Yashwanth Kumar and 240 others, police discovered that Lakshminarayana, together with different administrators, authorised signatories and the advertising group, lured the victims with the promise of offering high-rise flats on the Sahiti Sarvani Elite challenge in Ameenpur village of Sangareddy district.

They had been booked for alleged fraudulent actions carried out from June 2019 to 2022. In response to the criticism, the accused made a ‘prelaunch supply’ even earlier than buying land for the challenge and acquiring essential permissions and began gathering deposits from prospects in June 2019.

Investigations revealed that the accused utilized to the Hyderabad Metropolitan Improvement Authority (HMDA) for permission in Could and June 2022, and approval was granted on August 1, 2022. The investigators stated that after gathering Rs 504 crore for the Sarvani Elite challenge, the accused initiated a number of different initiatives however failed to finish them. The entire quantity collected from prospects for 9 initiatives, together with Sarvani Elite, is roughly Rs 1,119 crore.

In Could, one other case was registered in opposition to Sahiti Infra and Lakshminarayana following a criticism by a sufferer. Victims of Sahiti Sarvani Elite had additionally staged a protest in Could, demanding that the police expedite the investigation into what they known as the “greatest actual property rip-off in Telangana”.