Hyderabad: Sahiti Infratec Venture’s owner, Boodati Laxminarayana will be sent to a three day custody of the Central Crime Station (CCS) police from Saturday for further interrogation.
According to CCS officials, 20 additional accused were identified in the case which included Laxminarayana’s wife, Parvathi and son Sathvik. They revealed that Sahiti group had duped over 2,500 customers of Rs 900 crore through various projects.
The investigation revealed that the company had allegedly advertised pre-launch offers for a major gated community at Ameenpur on the outskirts of the city on social media platforms from June 2019 and collected around Rs 72.81 crore from 240 members.
However, the company did not acquire land and required permission from the concerned authorities.
The facts revealed after the investigation said that the accused initially bought time and later told the investors to cancel their purchase and take the money back. They issued post-dated cheques that bounced. The firm promoters sent legal defamation notices to people who raised their voices.
The investigation further revealed that Rs 327 crore of the amounts collected by Sahiti Infratec were transferred to various accounts operated by different entities owned by their directors and other individuals.