Sahiti Infratec Ventures and Its Promoters Allegedly Defraud Homebuyers of ₹842 Crore: ED

HYDERABAD: The Enforcement Directorate (ED) has accused Sahiti Infratec Ventures India Private Ltd (SIVIPL) and its associated entities of misappropriating funds amounting to ₹842 crore from homebuyers, leading to alleged wrongful gains for SIVIPL and its promoters.

In a recent prosecution complaint filed in the PMLA (Prevention of Money Laundering Act) court, the ED stated that of the ₹853 crore collected by SIVIPL, ₹214 crore involved cash transactions, with the funds diverted through multiple accounts.

The ED’s investigation uncovered a complex money trail, revealing that funds sourced directly from homebuyers or indirectly through loans were routed via a web of transactions before ending up in the accounts of promoter Boodati Lakshminarayana and his family members.

The ED’s complaint implicates Lakshminarayana and others under sections of the IPC for criminal conspiracy, breach of trust, and cheating, along with PMLA provisions. The case has also seen the registration of 56 FIRs across various police stations.

The ED accused Lakshminarayana of systematically layering funds by moving money through bank accounts linked to SIVIPL and its sister entities, including Sahiti Constructions—a partnership firm in which his wife, B Parvathi, is a partner.

The agency alleged deliberate financial manipulation, criminal conspiracy, and fund misappropriation to defraud investors, with ₹216 crore reportedly unaccounted for in SIVIPL’s financial records.

A significant portion of the funds was allegedly withdrawn in cash and utilized for personal expenses, asset acquisitions, and new projects. According to the ED, the primary beneficiaries of these misappropriations were Lakshminarayana and his family members.

Additionally, ₹12.48 crore was transferred to SBL Dream Homes Pvt Ltd, out of which ₹8.43 crore was siphoned off. These funds, collected from homebuyers as advances for flats, were allegedly diverted for purposes unrelated to construction projects.

The ED also identified ₹4.55 crore in proceeds of crime transferred to overseas accounts of family members and associated entities.

Examples include ₹38.8 lakh sent to an account belonging to B Sathwik and ₹34.9 lakh transferred to an account held by Lakshminarayana’s son-in-law, Pramod Korlagunta.

Further amounts were transferred to foreign entities, such as ‘Shoora Funds II Manager LLC FBO’ and ‘Granite Escrow and Settlement,’ totaling ₹3.63 crore and ₹18.4 lakh, respectively.

The investigation also highlighted the acquisition of properties using illicit funds. For instance, land in Ameenpur village was purchased for a project named ‘Sarvani Elite,’ which has seen no construction activity in the three years since its launch.

Properties linked to Sahiti Group entities, including SIVIPL, Omics International Ltd, Royalnirman Infra Projects Private Ltd, and Mahogany Farmland Projects Private Ltd, have been provisionally attached under Section 5 of the PMLA.

Despite repeated attempts, SIVIPL representatives could not be reached for comments.