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The Enforcement Directorate (ED) has carried out extensive searches on businessman Purnachandra Rao as part of their investigation into the Sahithi Infratech Venture real estate fraud case. The ED suspects that Rao played a role in diverting a staggering amount of Rs 100 crore, which was originally collected from unsuspecting homebuyers by the Sahithi company.
To further their investigation, the ED froze approximately 56 bank accounts associated with Rao and seized crucial property documents from his residences and offices. Rao held the position of director at Sahithi Constructions, as well as multiple other companies that also came under scrutiny during the searches.
The ED's actions are primarily focused on uncovering potential money laundering activities, prompted by the First Information Report (FIR) registered by the Central Crime Station sleuths of Hyderabad police. In earlier developments, the police had arrested Boodati Lakshmi Narayana, the Managing Director of Shahiti Infratec, on charges of defrauding homebuyers through a deceptive prelaunch offer for high-rise apartments.
According to police allegations, Sahithi Infratech had deceived approximately 2,500 customers, amounting to a staggering Rs 900 crore, with Rs 539 crore being collected from 1,700 individuals who invested in Sahiti's Sarvani Elite project in Ameenpur. In light of these revelations, the ED had issued instructions to the Sanga Reddy sub registrar, urging them not to transfer or register any properties in Sahithi's name, as they could potentially be subjected to attachment.
The homebuyers who had booked residential flats with Sahithi Infratech filed a complaint against the company at the Central Crime Station, alleging significant delays in land acquisition, obtaining necessary permissions, and the physical execution of the project. Furthermore, the promised refund process has yet to be honoured, leaving the affected buyers in a state of distress.
Sahithi Infratech had advertised a prelaunch offer for a residential gated community consisting of 10 towers with 32 floors each, situated in approximately 20 acres of land in Ameenpur Village, Sangareddy district. However, the company consistently failed to meet project execution deadlines and refund commitments. As a result, a substantial number of individuals were left in a dire financial situation, with their cheques bouncing or being stopped by the drawer.
The latest developments in the case highlight the ED's firm determination to uncover the truth behind the fraudulent activities carried out by Sahithi Infratech Venture. The investigation sheds light on the overall challenges faced by homebuyers who have fallen victim to unscrupulous real estate developers, emphasizing the importance of stringent regulatory measures to safeguard the interests of the public in the realm of real estate transactions.
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