The Enforcement Directorate (ED) has arrested Boodati Lakshminarayan, the managing director of Sahiti Infratec Ventures, on September 29. A special court in Nampally, Hyderabad, has placed him in judicial custody until October 14, 2024.
The ED announced Lakshminarayan’s arrest under the Prevention of Money Laundering Act (PMLA) 2002. He was brought before the special court on September 30, where the judge ordered his custody.
The ED’s investigation began after the Telangana police filed multiple FIRs against Sahiti Infratec and its associates. A total of 655 buyers have accused the company of fraud, claiming they were promised flats or villas but received nothing. The reported fraud amounts to around ₹248.27 crore. The company had collected over ₹250 crore from buyers for its ‘Sarvani Elite’ project in Ameenpur village and other developments.
According to the ED, Sahiti Infratec bought land in Ameenpur for ₹89 crore, but no construction has taken place since the project’s launch three years ago. The company also paid ₹32.15 crore to Omics International for development on nine acres of land, but Omics only transferred two acres of land worth ₹3 crore.
Additionally, the ED reported that Sandu Purnachandra Rao, a former director and head of sales at Sahiti Infratec, misappropriated ₹126 crore. This amount included ₹50 crore in cash collected from buyers between 2018 and August 2020. After leaving the company, he acquired properties worth crores using the proceeds from these crimes, the agency stated.
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