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The Enforcement Directorate (ED) in Hyderabad has filed a supplementary prosecution complaint against two senior former executives of Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) as part of its ongoing money laundering investigation. The case involves alleged misappropriation of over INR 360 crore from more than 700 homebuyers across multiple unapproved projects, including the Sarvani Elite development. Funds were reportedly diverted through complex banking transactions, overseas remittances, and cash withdrawals. The agency has seized documents, frozen accounts, and provisionally attached assets worth INR 169.15 crore while the accused remain in judicial custody.
The Enforcement Directorate's Hyderabad unit has intensified its investigation into Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) by filing a supplementary prosecution complaint under the Prevention of Money Laundering Act. The complaint targets former director B. Lakshminarayana and ex-marketing head S. Purnachandra Rao. The court in Nampally has taken cognisance of the filing earlier this week. Advertisement
ED's probe originated from a Telangana police FIR filed in 2022, alleging that SIVIPL promoted a pre launch offer for a gated residential community, collected large sums from prospective homebuyers, and then failed to deliver flats or refund the money. Following this, multiple FIRs were registered across different projects of SIVIPL and its group entities, indicating a widespread pattern of alleged financial misconduct.
Investigators found that SIVIPL operated without mandatory RERA and HMDA approvals and did not maintain escrow accounts. According to ED, the company raised over INR 800 crore from investors, including significant cash collections not recorded in the company's books. The Sarvani Elite project alone reportedly collected INR 216.9 crore in cash. Funds were allegedly routed through multiple bank accounts, diverted to related and unrelated entities, and in some cases transferred to overseas accounts by Lakshminarayana and family members.
Rao is accused of misappropriating around INR 126 crore, including over INR 50 crore in cash. ED revealed that during a forensic audit, Lakshminarayana discovered irregularities and filed police complaints against Rao, resulting in three FIRs. Subsequently, a settlement was allegedly arranged in which 21 immovable properties were transferred in the names of employees and associates for the benefit of Lakshminarayana. Additional properties were purchased by Rao using diverted funds in the names of family members and associated entities.
ED has conducted searches, seized digital devices and documents, frozen multiple bank accounts, and provisionally attached assets valued at INR 169.15 crore. Lakshminarayana and Rao were arrested in late 2024 and mid 2025, respectively, and continue to remain in judicial custody. The investigation reflects the scale of alleged wrongdoing and forms part of wider legal actions against SIVIPL impacting hundreds of homebuyers.
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