Follow TNM's WhatsApp channel for news updates and story links.
The Hyderabad wing of the Enforcement Directorate (ED) on Friday, October 24, attached movable and immovable properties worth Rs 12.6 crore belonging to real estate magnate Sahiti Infratec Ventures India Private Limited (SIVIPL) and its former director Sandu Purnachandra Rao under the Prevention of Money Laundering Act (PMLA).
Family members of Purnachandra Rao and associated entities have also come under the scanner. According to the ED, SIVIPL collected large sums of money from investors without obtaining mandatory approvals from the Real Estate Regulatory Authority (RERA) and the Hyderabad Metropolitan Development Authority (HMDA).
The money collected from homebuyers were reportedly deposited across multiple accounts with some of the money diverted into personal accounts. Despite collecting payments, the company failed to deliver the villas and homes promised to buyers.
The ED’s action stems from several FIRs filed by the Telangana police against SIVIPL and its promoters, following investor complaints that they had been defrauded of Rs 842 crore.
The probe revealed that about Rs 216 crore was collected in cash but never recorded in the company’s books.
“Managing director B Lakshminarayana and director Purnachandra Rao diverted part of investors' funds to their personal and family accounts and used the proceeds to buy properties in their own names and through benami entities,” the ED stated.
According to the agency, Purnachandra Rao misappropriated Rs 126 crore, including Rs 50 crore in cash collected between 2018 and August 2020. The funds were allegedly used to acquire properties registered under the names of his family members and associates.
Purnachandra Rao was arrested in August 2025 and remains in judicial custody.