HYDERABAD: The Hyderabad unit of the Enforcement Directorate (ED) has submitted a supplementary prosecution complaint under the Prevention of Money Laundering Act (PMLA) against key figures involved in the Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) fraud case. This complaint has been presented to the MSJ Court in Nampally, which acknowledged it on Monday.
According to the ED, the complaint targets B Lakshminarayana, a former director, and S Purnachandra Rao, the marketing head of SIVIPL.
Following an FIR filed by the Telangana police, the ED initiated a money-laundering investigation. The FIR claimed that SIVIPL and its promoters promoted a ‘pre-launch offer’ for a gated residential community, collecting substantial amounts from potential buyers without delivering flats or issuing refunds in 2022. This led to additional FIRs being registered by aggrieved investors and buyers across various SIVIPL projects. It is reported that over 700 homebuyers were possibly deceived out of approximately 360 crore.
Investigators indicated that SIVIPL lacked the necessary RERA and HMDA permissions and failed to establish an escrow account for the project. The ED has alleged that investor funds were funneled through various bank accounts and collected in cash. Reports suggest the accused amassed over 800 crore from the sale of inventory in projects initiated without proper approvals, including significant cash collections unaccounted for in company records. Specifically, 216.9 crore was allegedly collected in cash from buyers associated with the Sarvani Elite project.
The agency further accused the individuals of misappropriating criminal proceeds by diverting funds to various entities via fraudulent banking transactions and withdrawing cash from company accounts. There are also allegations of funds being transferred to overseas accounts by Lakshminarayana and his relatives.
The ED claims Rao was implicated in the misappropriation of around 126 crore, including more than 50 crore in cash. After discovering this during a forensic audit, Lakshminarayana lodged police complaints against Rao, resulting in three FIRs. Subsequently, Rao approached Lakshminarayana for a settlement and transferred 21 properties into the names of employees and other individuals to allegedly obscure the beneficial ownership of Lakshminarayana.
In response, the ED conducted searches, confiscated digital devices and documents, froze bank accounts, and provisionally attached assets valued at 169.15 crore. Both Lakshminarayana and Rao were arrested on September 29, 2024, and August 25, 2025, respectively, and are currently in judicial custody.
