ED raids CSK Realtors, Singh Mansions in ₹850 crore fraud linked to Sahiti Infratec. Cash, gold worth crores seized
Enforcement Directorate (ED) (File Photo)
Hyderabad: Officials of the Enforcement Directorate (ED), Hyderabad, conducted searches at the offices of CSK Realtors Ltd. and Singh Mansions Pvt Ltd., as well as the residences of their directors Suresh Kumar Agarwal and Rakshit Agarwal for allegedly indulging in money diversion in nexus with Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) and its managing director B. Lakshmi Narayana.
The searches were conducted as part of the ED’s probe into the SIVIPL case, in which Lakshmi Narayana allegedly duped customers of nearly ₹ 850 crore under the guise of pre-launching projects.
During the searches, officials reportedly seized jewellery and bullion valued at ₹ 5.42 crore, along with unaccounted cash amounting to ₹ 72.75 lakh. It was reported that Suresh Kumar Agarwal had established 27 real estate companies and allegedly diverted funds to assist Sahiti Infratec.
During the investigation, it was discovered that the companies owned by Suresh Kumar Agarwal and Rakshit Agarwal had entered into high-value transactions worth more than ₹ 20 crore with SIVIPL and were involved in the sale and purchase of properties.
Despite being summoned, Suresh Kumar Agarwal and Rakshit Agarwal failed to appear before the ED and did not submit the required documents, thereby not cooperating with the ongoing investigation.
According to ED officials, the investigation revealed that SIVIPL lacked the necessary statutory permissions and did not maintain an escrow account for its projects. Funds received from investors were deposited into various bank accounts and also collected in cash.
“Investigations revealed that SIVIPL generated proceeds of crime (POC) amounting to ₹ 842.15 crore. This money was raised from homebuyers under the pretext of selling inventory in projects launched by the Sahiti Group,” the ED stated.
“Of this amount, ₹ 216.91 crore was collected in cash from homebuyers, which was never recorded in the company’s books of accounts and was concealed by the promoters/directors of SIVIPL for personal use.”
“The proceeds of crime were siphoned off by diverting SIVIPL funds to related and unrelated entities and individuals through bogus banking transactions without any genuine business purpose,” the ED officials stated.
The ED initiated its investigation based on several FIRs registered by the Telangana police against SIVIPL, Lakshmi Narayana, and others, following complaints from individuals who had paid money to purchase flats in various projects undertaken by the company and its group entities. Despite collecting large sums from buyers, SIVIPL failed to deliver the flats or refund the money.
The ED had earlier attached properties worth ₹ 161.5 crore. Subsequently, Lakshmi Narayana was arrested on September 29.
During the searches, officials reportedly seized jewellery and bullion valued at ₹ 5.42 crore, along with unaccounted cash amounting to ₹ 72.75 lakh. It was reported that Suresh Kumar Agarwal had established 27 real estate companies and allegedly diverted funds to assist Sahiti Infratec.
During the investigation, it was discovered that the companies owned by Suresh Kumar Agarwal and Rakshit Agarwal had entered into high-value transactions worth more than ₹ 20 crore with SIVIPL and were involved in the sale and purchase of properties.
Despite being summoned, Suresh Kumar Agarwal and Rakshit Agarwal failed to appear before the ED and did not submit the required documents, thereby not cooperating with the ongoing investigation.
According to ED officials, the investigation revealed that SIVIPL lacked the necessary statutory permissions and did not maintain an escrow account for its projects. Funds received from investors were deposited into various bank accounts and also collected in cash.
“Investigations revealed that SIVIPL generated proceeds of crime (POC) amounting to ₹ 842.15 crore. This money was raised from homebuyers under the pretext of selling inventory in projects launched by the Sahiti Group,” the ED stated.
“Of this amount, ₹ 216.91 crore was collected in cash from homebuyers, which was never recorded in the company’s books of accounts and was concealed by the promoters/directors of SIVIPL for personal use.”
“The proceeds of crime were siphoned off by diverting SIVIPL funds to related and unrelated entities and individuals through bogus banking transactions without any genuine business purpose,” the ED officials stated.
The ED initiated its investigation based on several FIRs registered by the Telangana police against SIVIPL, Lakshmi Narayana, and others, following complaints from individuals who had paid money to purchase flats in various projects undertaken by the company and its group entities. Despite collecting large sums from buyers, SIVIPL failed to deliver the flats or refund the money.
The ED had earlier attached properties worth ₹ 161.5 crore. Subsequently, Lakshmi Narayana was arrested on September 29.
( Source : Deccan Chronicle )
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