Telangana Real Estate MD Arrested in Rs 360 Crore Fraud Case

The Enforcement Directorate has arrested Boodati Lakshminarayan, the managing director of Sahiti Infratec Ventures, in a money laundering case involving Rs 360 crore. Over 700 homebuyers were duped. The funds were allegedly diverted to personal accounts. Lakshminarayan was produced in a Hyderabad court and sent to judicial custody.

The Enforcement Directorate has arrested Boodati Lakshminarayan, the managing director of Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), in a money laundering probe linked to the alleged defrauding of hundreds of homebuyers amounting to Rs 360 crore.

According to the ED, Lakshminarayan was taken into custody under the Prevention of Money Laundering Act (PMLA) provisions. He was produced before a special court at Nampally in Hyderabad and has been sent to judicial custody until October 14.

The money laundering investigation traces back to an FIR filed by the Telangana Police against Lakshminarayan and the company, alleging the collection of substantial amounts from buyers through a 'pre-launch offer' for a residential project that never materialized. The ED claimed that Lakshminarayan diverted funds to personal accounts and remained untraceable until his arrest. Assets worth over Rs 161 crore have been attached in the case.

(With inputs from agencies.)