The Hyderabad zonal office of the Enforcement Directorate (ED) conducted searches at two premises in Hyderabad belonging to M/s CSK Realtors Limited, M/s Singh Mansions Pvt. Ltd., Suresh Kr. Aggarwal and Rakshit Aggarwal.
During the search, items worth around 61.5 million rupees including jewellery, cash and money were seized.
Held on December 19 under the provisions of the Prevention of Money Laundering Act (PMLA) at Suresh Krishna’s premises. A search of Agarwal and Rakshit Agarwal led to the seizure of jewelery and suras worth ₹ 5.42 crore and unaccounted cash of ₹ 72.75 lakh. Also, incriminating documents, property documents etc. showing suspicious and unaccounted cash transactions have also been found.
ED has appointed M/s SIVIPL, B. initiated investigation against Lakshminarayan and others on the basis of several FIRs registered by the Telangana Police on complaints of investors/buyers of various projects undertaken by M/s SIVIPL and other group entities. M/s SIVIPL, B. Lakshminarayan and others collected huge sums of money from prospective buyers for construction of residential premises but failed to deliver the flats or refund their money and thus cheated them of their hard earned savings.
The ED investigation showed that SIVIPL did not have the required statutory permissions. Moreover, there was no escrow account for the project and funds received from investors were deposited in various bank accounts and also collected in cash. The investigation revealed that M/s SIVIPL earned proceeds of crime (PoC) of Rs 842.15 crore by taking advances from home buyers on the false pretext of sale of inventory in projects launched by Sahitya Group.
“Out of this, an amount of ₹ 216.91 crore was collected in cash from the home buyers, which never reached the books of account and was concealed by the promoters/directors of SIVIPL for their personal use. By carrying out bogus banking transactions without any genuine business, the funds related to SIVIPL and The proceeds of crime were siphoned off by diverting them to unrelated entities/individuals,” the ED said.
During investigation, it was found that the companies of Suresh Aggarwal and Rakshit Aggarwal had high value transactions of more than 20 crores with M/s SIVIPL and were involved in purchase and sale of assets. “Suresh Aggarwal and Rakshit remained absent/did not appear in response to summons and did not submit required documents, thereby not cooperating in the ongoing investigation,” they added.
ED had earlier attached assets worth Rs 161.5 crore in the case. Then, B. Lakshminarayan, Managing Director of M/s Sahitya Infratech Ventures India Pvt. Ltd. was arrested on 29th August.
A prosecution complaint has been filed in the MSJ Court, Hyderabad against M/s SIVIPL and B. Laxminarayan and the court took cognizance of the same on 4th December. Managing Director of M/s SIVIPL B. Lakshminarayan is still there. Judicial Custody. Further investigation is underway.
published – Dec 20, 2024 07:16 pm IST