Sahiti Infratec Ventures and Promoters Accused of Misappropriating Rs 842 Crore from Homebuyers: ED

Sahiti Infratec Ventures India Private Ltd (SIVIPL) and its associated companies have been accused of cheating homebuyers and misusing Rs 842 crore. According to the Enforcement Directorate (ED), the company collected a total of Rs 853 crore from homebuyers but diverted most of the funds for illegal purposes. Out of this, Rs 214 crore was handled in cash and moved through multiple accounts to hide its trail, while Rs 216 crore was not even recorded in the company’s official books.

The investigation revealed that the funds, which were collected directly from homebuyers or as loans, were used by SIVIPL's promoters, led by Lakshminarayana, for personal expenses, asset acquisitions, and unrelated business activities. For instance, Rs 12.48 crore was transferred to SBL Dream Homes Pvt Ltd, out of which Rs 8.43 crore was siphoned off. These funds, meant for flat construction, were misused for other purposes. 

Additionally, Rs 4.55 crore was transferred to personal accounts of family members and associates. Rs 38.8 lakh went to B Sathwik, while Rs 34.9 lakh was sent to Pramod Korlagunta, Lakshminarayana’s son-in-law.

The ED also uncovered that funds were sent to overseas accounts, including Rs 3.63 crore transferred to "Shoora Funds II Manager LLC FBO" and Rs 18.4 lakh sent to "Granite Escrow and Settlement." The money trail indicated significant financial manipulation, with layers of transactions designed to hide the misappropriations.

Properties purchased using the stolen funds have been identified and provisionally attached under section 5 of Prevention of Money Laundering Act (PMLA). These include land in Ameenpur village, which was acquired for a project named "Sarvani Elite" but has seen no construction even three years after its launch. Additionally, properties linked to Sahiti Group entities such as Mahogany Farmland Projects Pvt Ltd, Omics International Ltd, and Royalnirman Infra Projects Private Ltd were found to have been acquired with the diverted funds.

The ED has charged Lakshminarayana and others with criminal conspiracy, cheating, and breach of trust. A total of 56 FIRs have been registered against the company and its associates across various police stations. Despite several attempts, SIVIPL representatives have not responded to inquiries. The authorities are continuing their investigation, working to recover the stolen money and uncover further misdeeds.

The case highlights the importance of due diligence by homebuyers and the need for regulatory compliance in real estate transactions to protect consumer interests.

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