New Delhi, Aug. 26 -- The Enforcement Directorate (ED) today said that they have arrested one Sandu Puranchandra Rao, the former Director of Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), in connection with a PMLA case related to cheating around 700 home buyers.
Rao was produced before a special PMLA court in Hyderabad which sent him into fifteen days of judicial custody.
The ED initiated PMLA investigation on the basis of an FIR registered by Telangana Police against SIVIPL, B. Lakshminarayan and others for advertising a "Pre-Launch Offer" for the construction of a world-class residential gated community and collecting huge amounts from prospective buyers.
The company, however, failed to deliver the flats to the customers or to refu...