ED takes action against 'Sahiti Infratec Ventures' for misusing Homebuyers Money

The Enforcement Directorate (ED) claimed in a prosecution complaint filed recently in the PMLA court that of the Rs. 853 crores collected, Rs. 214 crore involved cash transactions with money being siphoned through several accounts.

The Enforcement Directorate claimed that Sahiti Infratec Ventures India Private Ltd (SIVIPL) and its sister companies had wrongfully taken money from homebuyers, resulting in an unjust gain of Rs. 842 crore for SIVIPL and its promoters.

After following the money trail, the ED discovered that money obtained through loans or directly from homebuyers had been misappropriated through a convoluted network of exchanges.

According to the ED, these monies ended up in the bank accounts of the promoter Boodati Lakshminarayana and his relatives.

The Economic and Development Organization (ED) claimed that the sum of Rs. 216 crore was missing from the SIVIPL's books of accounts, citing intentional financial manipulation, criminal conspiracy, and money misappropriation aimed at defrauding investors.

It stated that a sizeable sum was taken out in cash and utilized for start-up projects, personal expenses, and asset purchases. Among the notable recipients of these transactions were Lakshminarayana and his kin.

Furthermore, SBL Dream Homes Pvt Ltd received a transfer of Rs. 12.48 crore, of which Rs. 8.43 crore was embezzled. The ED claimed that although these funds were obtained from buyers as advances for apartments, they were misapplied for reasons unconnected to the building projects.