ED searches Sahiti Infratec in Rs 1,500 crore fraud case

HYDERABAD: Enforcement Directorate on Saturday conducted searches on construction company Sahiti Infratec Ventures India Private Limited, related entities and promoters. The company is facing allegations of cheating 3,000 customers to the tune of 1,500 crore and failing to construct flats.
Searches were conducted on seven locations in Hyderabad on the offices of Sahiti Infratec, associated firms and the residence of key promoter, director Boodati Lakshmi Narayana.

ED also conducted searches on the offices of prominent real estate firm Phoenix Group following the investigation, revealing significant land transactions between Sahiti Infra and Phoenix. Searches were also conducted on OMICS International company.
ED took up money laundering probe based on multiple FIRs registered by Hyderabad central crime station police against Lakshmi Narayana and other accused.
Narayana's company allegedly lured buyers in the name of pre-launch offers and in the Ameenpur venture, police registered as many as 46 FIRs. Other ventures of Sahiti Infratec also faced similar trouble.
CCS said that a majority of buyers have invested in Sahiti's Sarvani Elite in Ameenpur. Sources said ED found transactions in Ameenpur land case with Sahiti Infratec and Phoneix. CCS sleuths had arrested Narayana in December last in connection with the fraud.
The company, in the pre-launch, offered schemes to sell flats for 38-floor multi-storeyed buildings. However, investigators found that there were no HMDA and GHMC approvals for many of Sahiti Infratec's ventures. When the buyers demanded a refund of the money, the company failed to do so, sources said.