ED attaches Sahiti Infratech’s assets worth Rs 161 crore

The Enforcement Directorate (ED) on Thursday attached Sahiti Infratech Private limited’s moveable and immovable property worth Rs 161 crore in connection with money laundering.
The agency initiated a probe based on the FIRs filed by the Telangana police under Sections 420 of the IPC against the SIVIPL, its promoters, directors and others on the complaints of various investors wherein a total of 655 buyers of different projects undertaken by SIVIPL and other group entities were promised delivery of flats/villas but were defrauded of a cumulative amount of Rs 248.27 crore.
ED investigation revealed that SIVIPL collected over Rs  250 crore from customers for its ‘Sarvani Elite’ project at Ameenpur village as well as other projects. M/s SIVIPL purchased land at Ameenpur Village for total a consideration of around Rs 89 crore. However, no construction was started on the land by SIVIPL three years from the launch of the project.
ED investigation further revealed that SIVIPL paid Rs 32.15 crore to Omics International Ltd. against an agreement dated  June 12 2020 for the development of nine acres of land held by  Omics International Ltd. in Ameenpur village.
However,  Omics International Ltd. transferred only two acres of land amounting to Rs 3 crore to  SIVIPL and was in possession of the remaining Rs 29.15 crore which should have been returned by it to  SIVIPL and was thus in possession of proceeds of crime. ED investigation also revealed that SanduPurnachandra Rao, former director of SIVIPL and the then head of sales and marketing team misappropriated Rs 126 crore collected from customers of SIVIPL, which comprised Rs 50 crore collected from customers in cash between 2018 and August 2020.
Further investigation revealed that Rao possessed immovable properties worth crores of rupees either in his name or in the name of his family members or entities which were acquired by him mainly after resigning from the firm by laundering the proceeds of crime. Further investigation is under progress.