Hyderabad: The Enforcement Directorate (ED) has taken Sandu Purnachandra Rao into custody. He is the former director and head of sales for Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL).
Rao’s arrest is under the Prevention of Money Laundering Act (PMLA), 2002. He appeared before the Special Court (PMLA), Nampally, and was given a 15-day judicial custody.
The investigation began after Telangana Police filed an FIR against SIVIPL, B. Lakshminarayan, and others. They advertised a “Pre-Launch Offer” for a high-end residential community but didn’t deliver the promised flats or return the buyers’ money.
Several FIRs followed, based on complaints from investors in various SIVIPL projects. Over 700 buyers were cheated out of nearly Rs. 360 crore.
The ED found that SIVIPL lacked necessary permissions from RERA/HMDA. There was no ESCROW account, and they used multiple bank accounts and cash collections for investor funds.
Purnachandra Rao helped B. Lakshminarayana collect over Rs. 800 crore by selling inventory in unauthorized projects. They falsely promised sales without approvals and collected significant cash, which wasn’t recorded in official accounts. Over Rs. 216.91 crore was collected from buyers for the Sarvani Elite project.
Rao also misappropriated about Rs. 126 crore from SIVIPL, including over Rs. 50 crore in cash. He made a deal with B. Lakshminarayana to transfer 21 properties to Sahiti Group employees and others for Lakshminarayana’s benefit.
Sandu Purnachandra Rao used the crime proceeds to buy properties in the names of his family and entities like Royal Nirman Infra Projects Pvt Ltd, Mahogany Farmlands Projects Ltd, and Sreegruha Estates Pvt Ltd.
