The Enforcement Directorate (ED) conducted significant searches at two locations in Hyderabad linked to CSK Realtors Ltd., Singh Mansions Pvt. Ltd., Suresh Kr. Agarwal, and Rakshit Agarwal. The operation, executed under the Prevention of Money Laundering Act (PMLA), resulted in the seizure of assets valued at approximately ₹6.15 crore, including jewellery, cash, and bullion.
On December 19, the ED’s investigation revealed the recovery of jewellery and bullion worth ₹5.42 crore, alongside unaccounted cash totaling ₹72.75 lakh. Incriminating documents related to suspicious cash transactions and property records were also discovered and confiscated.
This investigation was initiated following multiple FIRs filed by Telangana police against Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL) and its associates, based on complaints from investors in various projects led by SIVIPL. These entities allegedly collected substantial sums from prospective homebuyers for residential projects but failed to deliver on their promises, effectively defrauding them of their investments.
Investigators uncovered that SIVIPL lacked the necessary statutory permissions and had not set up an Escrow account for the projects. Instead, the funds from investors were distributed across various bank accounts and collected in cash. The ED estimated that SIVIPL generated ₹842.15 crore in Proceeds of Crime (PoC) from homebuyers under false pretenses.
Among the findings, it was revealed that ₹216.91 crore was illegally collected in cash, which was concealed from financial records for personal use by the company’s promoters. The investigation also highlighted that Suresh Agarwal and Rakshit Agarwal engaged in high-value transactions exceeding ₹20 crore with SIVIPL, including the sale and purchase of properties, while failing to cooperate with the investigation.
Previously, properties worth ₹161.5 crore had been attached in this case, and B. Lakshminarayana, the Managing Director of SIVIPL, was arrested on September 29. A prosecution complaint against SIVIPL and B. Lakshminarayana has been filed, with the court acknowledging the case on December 4, while Lakshminarayana remains in judicial custody. The investigation is ongoing.
