HYDERABAD: The Enforcement Directorate’s Hyderabad zonal office has seized movable and immovable assets valued at ₹12.6 crore belonging to Sahiti Infratec Ventures India Private Limited (SIVIPL), its ex-director Sandu Purnachandra Rao, his family, and related entities under the Prevention of Money Laundering Act.
This action was prompted by various FIRs filed by the Telangana police against SIVIPL and its promoters, following complaints from investors who claim they were defrauded of ₹842 crore. The investors were promised residential properties that were never delivered.
The ED uncovered that SIVIPL raised substantial amounts without the necessary approvals from the Real Estate Regulatory Authority or the Hyderabad Metropolitan Development Authority, and did not maintain an escrow account for the project. Funds from homebuyers were allegedly deposited into multiple accounts, with some diverted for personal expenditures.
Diversion of Funds
The investigations indicated that ₹216 crore was collected in cash without being recorded in the company accounts. The ED has alleged that managing director B Lakshminarayana and director Purnachandra Rao misappropriated a portion of investors’ funds to their personal and family accounts, using the proceeds to purchase properties both in their names and through proxy entities.
Furthermore, it was found that Purnachandra Rao alone misappropriated approximately ₹126 crore, which included ₹50 crore collected in cash between 2018 and August 2020. After resigning from SIVIPL, he allegedly purchased several properties using laundered money in the names of family members and associates.
Previously, the ED had attached assets worth ₹161 crore linked to SIVIPL, Lakshminarayana, Purnachandra Rao, and others. Lakshminarayana was arrested on September 29, 2024, while Purnachandra Rao was taken into custody on August 25, 2025.
Bail petitions for both individuals were rejected by the metropolitan sessions judge court in Nampally and the Telangana High Court, and they remain in judicial custody.
A prosecution complaint was submitted to the Nampally court on November 5, 2024, which has since acknowledged the case.
