Hyderabad: The Hyderabad unit of the Enforcement Directorate (ED) conducted a search operation under the provisions of PMLA- 2002 at two premises in Hyderabad belonging to CSK Realtors Limited and Singh Mansions Private Limited, Suresh Kr. Agarwal and Rakshit Agarwal in the SIVIPL fraud case.
During the search, various incriminating documents, unaccounted Rs 72 lakh 75 thousand cash and jewelery and gold worth Rs 5 crore 42 lakh have been recovered.
The ED began its investigation based on an FIR filed by the Telangana Police against SIVIPL, and others for promoting a pre-launch proposal for a world-class residential gated community. The company allegedly collected huge sums of money from potential buyers but failed to deliver the flats or return the money, thereby defrauding them of their savings.
Additional FIRs were filed by investors and buyers of various projects undertaken by SIVIPL and other group entities.