In a significant development in a major financial fraud case, the Central Crime Station (CCS) in Hyderabad has filed its first chargesheet against 13 accused linked to the beleaguered Sahiti Infratech Ventures India Pvt Ltd. The chargesheet pertains to 19 of the 57 cases registered against the real estate company and its directors for allegedly cheating thousands of homebuyers.
Details of the Chargesheet and Investigation
A team led by Assistant Commissioner of Police KM Kiran Kumar, under the supervision of Deputy Commissioner of Police N Swetha, submitted the voluminous 155-page chargesheet before the metropolitan sessions judge in Nampally on Monday. The document cites a staggering 294 witnesses. This initial chargesheet focuses on the lead case registered at CCS on August 1, 2022, and 18 other cases re-registered by the agency concerning the Sahiti Sarvani Elite project in Ameenpur.
The accused named include the company itself, its chief managing director B Laxminarayana, his wife and director B Parvathi, their son and director B Satvik, and marketing director S Purnachandra Rao, among others. The investigation was triggered by complaints from victims who alleged they were duped through attractive pre-launch offers for the Ameenpur project.
Modus Operandi and Massive Financial Scale
According to the police probe, the accused launched the Sahiti Sarvani Elite project, promising 11 towers of 33 floors each on 23 acres. In 2019, they offered plots at a pre-launch price of Rs 2,200 per square foot, a rate significantly below the prevailing market price, which was nearly double. This offer lured approximately 1,200 victims, who collectively lost a whopping Rs 506 crore in this single venture.
The investigation revealed that the same method was used to collect pre-launch deposits for 16 more real estate ventures in prime areas like Madhapur, Bachupally, Kompally, Tellapur, and Nallagandla in Hyderabad, and at two locations in Vijayawada. A CCS investigator stated, "Put together, about 2,500 victims have lost nearly Rs 3,000 crore in 17 real estate projects." Currently, 36 cases related to these additional projects remain under active investigation.
Next Steps and Asset Attachment
The police have informed the court that supplementary chargesheets will be filed in the remaining cases once the probe is completed. In a move to secure the interests of the defrauded investors, the authorities have already taken steps to attach properties linked to the accused. So far, 55 properties have been attached as part of the legal proceedings.
This case highlights the risks associated with pre-launch real estate offers and underscores the extensive efforts by Hyderabad's CCS to bring accountability in one of the city's largest alleged financial frauds. The filing of this chargesheet marks a crucial step towards justice for the thousands of aggrieved homebuyers.
