New Delhi, Oct. 24 -- The Hyderabad Zonal Office of the Enforcement Directorate (ED) announced today that it has attached movable and immovable properties worth Rs 12.65 crore under the Prevention of Money Laundering Act (PMLA). The properties belong to Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its former Director Sandu Purnachandra Rao, his family members, and associated entities.
The ED initiated its PMLA investigation based on multiple FIRs registered by Telangana Police against SIVIPL, its promoters, directors, and others. The complaints, filed by investors under Section 420 (Cheating) of the IPC, alleged a fraud of approximately Rs 842.15 crore after the company failed to deliver promised flats and villas.
The ED's investiga...