The Directorate of Enforcement (ED), Hyderabad Zonal Office, has attached movable and immovable properties worth ₹12.65 crore belonging to M/s Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its former director Sandu Purnachandra Rao, his family members, and associated entities under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ED initiated its investigation following several FIRs registered by the Telangana Police against SIVIPL, its promoters, directors, and others based on complaints from investors and homebuyers. The complainants alleged that they had been promised delivery of flats and villas but were defrauded of a total amount of ₹842.15 crore.

The investigation revealed that SIVIPL collected funds from investors and homebuyers on the pretext of constructing residential projects but failed to deliver the promised properties. The company lacked necessary permissions from RERA and Hyderabad Metropolitan Development Authority (HMDA), and no escrow account was maintained for the project. Instead, funds were deposited into various bank accounts, and ₹216.91 crore was collected in cash and deliberately excluded from the company’s official accounts.

The ED stated that B. Lakshminarayana, managing director of SIVIPL, and Purnachandra Rao, then director and head of sales and marketing, diverted part of the homebuyers’ funds to their personal and family members’ bank accounts. They allegedly used these embezzled funds to purchase immovable properties in their own names and those of their relatives and benamis.

According to the agency, Purnachandra Rao misappropriated ₹126 crore collected from customers, handling the money through his personal and relatives’ bank accounts. This included ₹50 crore collected in cash between 2018 and August 2020. After resigning from SIVIPL, he reportedly acquired assets worth several crores in his and his family members’ names by laundering the proceeds of crime.

Earlier, the ED had attached properties worth ₹161.50 crore belonging to SIVIPL, Lakshminarayana, Purnachandra Rao, and others. Both Lakshminarayana and Purnachandra Rao were arrested by the ED on September 29, 2024, and August 25, 2025, respectively. Their bail petitions before the Metropolitan Sessions Judge (MSJ) Court, Nampally, and the Telangana High Court were dismissed, and they remain in judicial custody.

A prosecution complaint in the case was filed on November 5, 2024, before the MSJ Court, Nampally, which has taken cognisance of the matter. The ED said that further investigation is under way.