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The Enforcement Directorate (ED) has attached assets worth INR 12.6 crore belonging to Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), its former director Sandu Purnachandra Rao, his family, and associates under the Prevention of Money Laundering Act. The action follows FIRs by Telangana Police after homebuyers alleged non-delivery of flats and villas, with the alleged fraud amounting to INR 842 crore. The ED found that funds were raised without regulatory approvals or escrow accounts, with INR 216 crore collected in cash and diverted for personal use. Earlier, assets worth INR 161 crore were attached. Both key promoters remain in custody as investigations into the major Telangana real estate fraud continue.
The Enforcement Directorate's Hyderabad zonal office has attached movable and immovable properties worth INR 12.6 crore belonging to Sahiti Infratec Ventures India Private Limited (SIVIPL), its former director Sandu Purnachandra Rao, his family members, and associated entities under the Prevention of Money Laundering Act. Advertisement
This development followed multiple FIRs filed by the Telangana Police against SIVIPL and its promoters based on complaints from homebuyers who claimed to have paid for flats and villas that were never delivered. The alleged fraud amount is estimated at INR 842 crore.
According to information from the ED, the company had raised substantial funds without obtaining approvals from the Telangana Real Estate Regulatory Authority or the Hyderabad Metropolitan Development Authority. It also failed to maintain an escrow account for project funds. The money collected from buyers was allegedly deposited across several bank accounts and partially diverted for personal expenditure.
The investigation further revealed that INR 216 crore was collected in cash but not recorded in the firm's official books. The agency stated that managing director B Lakshminarayana and former director Purnachandra Rao siphoned off portions of these funds to their personal and family accounts, later investing them in immovable assets under their names and benami entities. It was found that Purnachandra Rao alone had misappropriated approximately INR 126 crore, including INR 50 crore taken in cash between 2018 and August 2020.
Before this latest action, the ED had already attached properties valued at INR 161 crore belonging to the same group. Lakshminarayana was arrested in late September 2024, while Purnachandra Rao was taken into custody in late August 2025. Both remain under judicial custody after their bail pleas were rejected.
The attachment of assets adds another layer to the ongoing investigation into one of Telangana's major real estate fraud cases. The ED's consistent action indicates growing vigilance against developers accused of diverting buyers' funds. For the affected homebuyers, these measures provide a semblance of accountability, though the legal and financial recovery process is expected to take time. The case continues to highlight the need for greater transparency in real estate project financing and regulation.
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