Hyderabad: The Enforcement Directorate (ED) on Thursday carried out searches at the office and residence of CSK Realtors in Hyderabad in connection with the ongoing investigation into the Sahiti Infra scam. During the raids, officials seized ₹6 crore worth of assets, including ₹5.2 crore in gold jewellery and ₹75 lakh in cash.
The ED had previously summoned Suresh Kumar Agarwal, a key figure associated with CSK Realtors, for questioning. However, Agarwal failed to appear before the agency, prompting the ED to conduct searches at the Basheerbagh and Adarshnagar premises of CSK Realtors. The operation led to the seizure of substantial assets, marking a significant development in the investigation.
The ED has filed a prosecution complaint in the Sahiti Infra scam, implicating Boodati Lakshminarayana and others under sections 406 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), and 471 (using a forged document) of the Indian Penal Code (IPC), along with provisions of the Prevention of Money Laundering Act (PMLA).
The investigation into the scam revealed a complex criminal conspiracy in which money collected from flat buyers was diverted for personal use and illicit purposes. Out of ₹853 crore raised by the accused company, ₹214 crore was transacted in cash, routed through various accounts. It is alleged that Lakshminarayana, the prime accused, masterminded the scheme, using multiple bank accounts, including those of Sahiti Infratech Ventures India Pvt. Ltd. (SIVIPL) and its affiliates, to launder funds.
Instead of using the collected funds for construction, significant amounts were withdrawn in cash and used for personal expenses, asset acquisition, and initiating new projects. The investigation also uncovered that no escrow account was maintained for the collection of funds, and financial records were manipulated to conceal the proceeds of crime.
As part of the continuing probe, the ED plans to question Suresh Kumar Agarwal and his relative, Rakshit Agarwal, to further unravel the network of financial irregularities linked to the scam.
