The Enforcement Directorate’s (ED) Hyderabad Zonal Office has taken significant action, provisionally attaching movable and immovable properties valued at ₹12.65 crore. These assets belong to M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its former director Sandu Purnachandra Rao, along with his family members and associated entities. This attachment falls under the rigorous provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its comprehensive investigation following numerous First Information Reports (FIRs) filed by the Telangana Police. These complaints were lodged against SIVIPL, its promoters, directors, and other individuals, primarily stemming from grievances by investors and homebuyers. These complainants alleged that they were promised flats and villas but were subsequently defrauded of a staggering total of ₹842.15 crore.
The investigation uncovered a deceptive scheme: SIVIPL collected substantial funds from prospective investors and homebuyers under the guise of developing residential projects, yet failed to deliver on these commitments. Critically, the company operated without obtaining the necessary permissions from regulatory bodies like RERA and the Hyderabad Metropolitan Development Authority (HMDA). Furthermore, no dedicated escrow account was established for the project funds. Instead, the collected money was diverted into various bank accounts, with a substantial sum of ₹216.91 crore allegedly collected in cash and intentionally kept off the company’s official financial records.
According to the ED’s findings, B. Lakshminarayana, the managing director of SIVIPL, and Sandu Purnachandra Rao, who served as director and head of sales and marketing at the time, systematically siphoned off a portion of the homebuyers’ funds. These illicitly gained monies were channeled into their personal bank accounts and those of their family members. They are accused of using these embezzled funds to acquire numerous immovable properties, both in their own names and through various proxy (benami) entities.
The agency highlighted that Purnachandra Rao alone is suspected of misappropriating ₹126 crore from customers. A significant part of this, ₹50 crore, was reportedly collected in cash between 2018 and August 2020, and processed through his and his relatives’ bank accounts. After his departure from SIVIPL, he allegedly continued to amass assets worth several crores, effectively laundering the proceeds of his criminal activities.
This is not the first action taken by the ED; previously, properties totaling ₹161.50 crore belonging to SIVIPL, Lakshminarayana, Purnachandra Rao, and other implicated parties were attached. Both Lakshminarayana and Purnachandra Rao have faced arrest by the ED, on September 29, 2024, and August 25, 2025, respectively. Their attempts to secure bail from the Metropolitan Sessions Judge (MSJ) Court, Nampally, and the Telangana High Court have been unsuccessful, and they remain in judicial custody.
A formal prosecution complaint concerning this case was officially filed on November 5, 2024, before the MSJ Court, Nampally, which has acknowledged and taken cognisance of the matter. The ED confirms that further investigation into this complex case is actively continuing.