Hyderabad, Sep 30 (PTI) The Enforcement Directorate Monday said it has arrested the managing director of a Telangana-based real estate company in a money laundering probe linked to alleged duping of hundreds of homebuyers to the tune of Rs 360 crore.
Boodati Lakshminarayan of Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL) was taken into custody on Sunday under the provisions of the Prevention of Money Laundering Act (PMLA), it said.
The agency said in a statement that the man was produced before a special court at Nampally in Hyderabad on Monday and the court sent him to judicial custody till October 14.
The money laundering case stems from a Telangana Police FIR against the man, the company and some others where it was alleged that they advertised a “pre-launch offer” for the construction of a world-class residential gated community.
It was claimed in the police complaint that “huge” amounts were collected from prospective buyers. The company, however, “failed to deliver” the flats to the customers or refund their money and thus cheated them of their hard-earned savings, the ED said.
More FIRs were filed by the investors and buyers of other projects undertaken by SIVIPL and other group entities.
“More than 700 homebuyers, who were promised delivery of flats/villas, were defrauded of a cumulative amount of close to Rs 360 crore,” it said.
As per the ED, SIVIPL did not have the necessary RERA or the Hyderabad Metropolitan Development Authority (HMDA) permission and there was no escrow account for the project and the funds received from investors were deposited in various bank accounts and also collected in cash.
Lakshminarayan, the agency claimed, “diverted” part of the said funds to his personal bank accounts and that of his family members.
“Substantial amount of funds were also withdrawn in the form of cash. The funds of homebuyers were embezzled by Lakshminaryan in connivance with Sandu Purnachandra Rao, former Director of SIVIPL and head of sales and marketing team,” it said.
The ED said Lakshminarayan remained “evasive” and submitted “fake” medical certificate and did not appear before it despite numerous summonses issued to him.
He was “absconding” and “untraceable” for a long period of time and his whereabouts could not be ascertained, it said.
The ED said he was arrested on the basis of a tip off.
Assets worth more than Rs 161 crore have been attached by the ED in this case earlier. PTI NES TIR TIR
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