Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Enforcement Directorate (ED) has accused Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) and its associated entities of misappropriating homebuyers' funds, resulting in wrongful gains of INR 842 crore. In its recent complaint to the PMLA court, the ED revealed that funds collected directly from buyers or through loans were diverted via complex financial transactions, with significant amounts benefiting promoter Boodati Lakshminarayana and his family. Allegations include criminal conspiracy, breach of trust, and money laundering. ED also identified funds siphoned abroad and attached several properties linked to the group as part of its investigation.
Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) and its affiliated entities are under scrutiny by the Enforcement Directorate (ED) for allegedly misusing homebuyers' funds, leading to a wrongful gain of INR 842 crore by the company and its promoters. The ED's prosecution complaint, recently filed in the PMLA court, claims that of the INR 853 crore raised, INR 214 crore was transacted in cash and subsequently diverted through a web of accounts. The funds were allegedly directed to the personal accounts of promoter Boodati Lakshminarayana and his family members. This news was earlier reported by TNN. Advertisement
The ED accused Lakshminarayana of orchestrating the misappropriation through financial layering, routing money via various accounts of SIVIPL and its sister entities, including Sahiti Constructions, a partnership with his wife B Parvathi. Allegations of criminal conspiracy, breach of trust, and cheating under IPC sections, along with provisions of the PMLA, have been levied. Investigators claim INR 216 crore was excluded from SIVIPL's records, with substantial amounts withdrawn in cash and utilised for personal expenses, asset acquisitions, and new ventures.
The ED identified beneficiaries of these transactions, including family members of Lakshminarayana, and flagged INR 12.48 crore diverted to SBL Dream Homes Pvt Ltd, with INR 8.43 crore allegedly siphoned off. Furthermore, proceeds of crime worth INR 4.55 crore were transferred to overseas accounts, including significant sums to entities like 'Shoora Funds II Manager LLC FBO' and 'Granite Escrow and Settlement'.
Properties purchased with misused funds have also been identified, including land in Ameenpur village, earmarked for the 'Sarvani Elite' project, which has seen no development for over three years. Properties linked to Sahiti Group, including SIVIPL and other entities, have been provisionally attached under the PMLA.
The Enforcement Directorate's investigation into Sahiti Infratec Ventures and its associated entities highlights widespread financial mismanagement and deliberate misuse of homebuyers' funds. Allegations of siphoning money for personal and unrelated purposes have raised serious concerns about the ethical practices of the group. The provisional attachment of properties and tracing of overseas transfers reflect ED's commitment to recovering proceeds of crime. This case underscores the necessity for regulatory oversight and stringent actions against financial misconduct in the real estate sector.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
