Hyderabad: Directorate of Enforcement (ED), Hyderabad Zonal Office conducted search operations on Thursday, December 20, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at two premises in Hyderabad related to CSK Realtors Ltd., Singh Mansions Pvt. Ltd., Suresh Kr. Agarwal and Rakshit Agarwal.
Searches were conducted at the premises of Suresh Kr. Agarwal and Rakshit Agarwal which led to the recovery and seizure of jewellery and bullion valued at Rs 5.42 crore and unaccounted cash amounting to Rs 72.75 lakh.
The total amount of seizures amounts to approximately Rs 6.15 crore. Further, incriminating documents indicating suspicious and unaccounted cash transactions, property documents, etc. were recovered.
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ED initiated an investigation based on several FIRs registered by Telangana police under IPC, 1860 against SIVIPL, and the managing director of Sahiti Infratec Ventures India Private Limited, B Lakshminarayana and others based on complaints of investors/buyers of different projects undertaken by SIVIPL and other group entities.
The firm, SIVIPL, B Lakshminarayana and others collected huge amounts from prospective buyers for the construction of residential premises but failed to deliver flats or to refund their money, cheating them of their hard-earned savings.
The ED investigation allegedly revealed that SIVIPL did not have the necessary statutory permissions. Further, there was no ESCROW account for the project and the funds received from investors were deposited in various bank accounts, and sometimes collected in cash.
Investigation revealed that SIVIPL allegedly generated Proceeds of Crime (POC) to the tune of Rs 842.15 crore by taking advance from homebuyers on false pretext of sale of inventory in projects launched by Sahiti Group.
Out of this, a sum of Rs 216.91 crore was collected from homebuyers in cash, which never made it to the books of accounts and was concealed by the promoters/directors of SIVIPL for their personal use.
Proceeds of Crime were siphoned off by diverting the funds of SIVIPL to related as well as unrelated entities/persons by executing bogus banking transactions without any genuine business.
During the investigation, it was found that the companies of Suresh Kr. Agarwal and Rakshit Agarwal entered high-value transactions of over Rs 20 crore with SIVIPL and engaged in the sale and purchase of properties. Suresh Kr. Agarwal and Rakshit allegedly remained evasive and did not appear in response to the summons. They also failed to submit requisite documents thereby not cooperating in the ongoing investigation.
ED had earlier attached properties worth Rs 161.5 crore in the case. Subsequently, B Lakshminarayana was arrested on September 20, 2024.
A Prosecution Complaint (PC) was filed before the MSJ Court, Hyderabad, against SIVIPL and B Lakshminarayana. The court took cognizance of the complaint on December 4.
B Lakshminarayana remains in judicial custody as further investigation is under progress.
