TTD Board member held for Rs 900 cr fraud, duping 2,500 customers

PNS|Hyderabad

The Hyderabad police arrested realtor Boodati Laxminarayana, TTD Board member and Managing Director of Sahiti Infratec Ventures India Pvt Ltd.

Police said that there are allegations that the Sahiti group collected Rs 900 crore from 2,500 customers in the name of a pre-launch offer in a housing complex in Ameenpur, but did not start the project. The police registered a case based on a customer’s complaint.

As the project failed, Lakshminarayana gave cheques promising to return the money with 18 per cent interest. The victims complained to the CCS as the cheques bounced.

“M/s Sahiti Infratec Ventures India Pvt Ltd lured customers with prelaunch offers on double and triple bedroom flats ranging in size from 1,200 sq. ft to 1,700 sq. ft in the apartment complex, Sahiti’s Sarvani Elite, with 38 floors in Ameenpur village on land measuring 23 GTS without any permission from the HMDA or GHMC and collected Rs 539 crore from around 1,700 people,” police said.

The project failed to take off and the victims insisted on getting back their money.

Lakshminarayana promised to return the money with 15 per cent to 18 per cent interest per annum and also issued cheques. But the cheques bounced.

Apart from Sahiti’s Sarvani Elite project, another company of the same group, Sahiti Infratech Ventures Pvt Ltd, also launched projects near Hyderabad. So far Sahiti Infratech has defrauded around 2,500 customers of Rs 900 crore.

The Addl. Commissioner of Police (Crimes & SIT), Hyderabad, requested the public not to go after the pre-launch offers of real estate companies. The public must check for all kinds of permissions required for constructing high-rise buildings before purchasing flats, the official said.

In 2020-21, Sahiti Constructions Pvt Ltd was among the top funders of the TRS and it donated Rs 1.15 crore to the party.