Court Rejects Bail for Sahiti Infra Scam Key Figure Boodati Lakshminarayana, ET RealEstate

November 5, 2024
1 min read
Court Rejects Bail for Sahiti Infra Scam Key Figure Boodati Lakshminarayana, ET RealEstate


<p>Representative image </p>
Representative image

HYDERABAD: The Prevention of Money Laundering Act special court in Nampally on Monday denied bail to Boodati Lakshminarayana, prime accused in the Sahiti Infra scam. According to Enforcement Directorate-Hyderabad, the bail application of Lakshminarayana was denied. ED has decided to file a prosecution complaint (chargesheet) against Lakshminarayana, MD of Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), in court this week.

Lakshminarayana was arrested on Sept 29. ED recorded his statement in alleged scam after he was taken into custody from jail. ED alleged he duped investors to the tune of 360 crore.

The main charge is he along with others advertised a ‘pre-launch offer’ for a high-end gated community, collecting huge amounts but failed to deliver promised flats or refund the money.

ED said over 700 homebuyers paid money in multiple projects under Sahiti Infratec and associated entities. “SIVIPL didn’t have necessary permissions from RERA or HMDA nor did it establish an Escrow account to safeguard buyers’ investments. Funds were funnelled into bank accounts, including those belonging to Lakshminarayana and his kin, and large amounts of cash were also withdrawn,” ED alleged.

ED seized assets worth 161 crore linked to the accused, which were also provisionally attached under the PMLA. Lakshminarayana is currently lodged in Chanchalguda jail

  • Published On Nov 5, 2024 at 08:45 AM IST

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