ED files prosecution complaint against Sahiti Infratec Ventures for Rs 842 crore fraud
1 week, 3 days ago

ED files prosecution complaint against Sahiti Infratec Ventures for Rs 842 crore fraud

New Indian Express  

HYDERABAD: Directorate of Enforcement, Hyderabad Zonal office has filed a Prosecution Complaint before the MSJ Court, Hyderabad against M/s Sahiti Infratec Ventures India Pvt. The agency initiated the investigation on the basis of an FIR registered by Telangana Police under IPC, 1860 against SIVIPL, B Lakshminarayan and others for advertising a “Pre-Launch Offer” for the construction of a world-class residential gated community and collecting huge amounts from prospective buyers. Investigation revealed that M/s SIVIPL generated Proceeds of Crime to the tune of Rs 842.15 crore by taking advance amounts from homebuyers on the pretext of sale of inventory in projects launched by Sahiti Group. The agency’s investigation has also revealed that the Proceeds of Crime were siphoned off by diverting the funds of SIVIPL, to related as well as unrelated entities or persons by executing bogus banking transactions without any genuine business.

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History of this topic

Four Arrested for ₹24 Crore Investment Scam Targeting 120 Investors
1 month, 4 weeks ago

Four Arrested for ₹24 Crore Investment Scam Targeting 120 Investors

The Hindu  

Four persons were arrested for a ₹24 crore investment scam targeting 120 investors in Hyderabad. The gang, led by directors of Squares and Yards Infra Pvt Ltd and Ad Avenues Pvt Ltd, lured the victims with their buyback scheme, promising monthly returns for 100 months. However, after collecting money from the victims, they shut down the company and paid monthly …

Bank fraud case: ED attaches shares worth ₹81cr owned by Ludhiana textile firm
8 months ago

Bank fraud case: ED attaches shares worth ₹81cr owned by Ludhiana textile firm

Hindustan Times  

Jalandhar : The Enforcement Directorate on Thursday provisionally attached moveable assets in the form of shares worth ₹81.03 crore owned by Ludhiana-based SEL Textiles Limited in a bank fraud case. The Enforcement Directorate on Thursday provisionally attached moveable assets in the form of shares worth ₹ 81.03 crore owned by Ludhiana-based SEL Textiles Limited in a bank fraud case. The …

ED conducts fresh searches in Mahadev app linked money laundering case
9 months, 3 weeks ago

ED conducts fresh searches in Mahadev app linked money laundering case

New Indian Express  

MUMBAI: The Enforcement Directorate on Wednesday conducted searches in Mumbai, some places in West Bengal and the Delhi-NCR as part of its money laundering investigation in the Mahadev online gaming and betting app that purportedly involves various high-ranking politicians and bureaucrats from Chhattisgarh. Official sources said about 15 premises in these locations are being covered by the investigators of the …

Money Laundering Case: ED Files 2nd Supplementary Chargesheet Against Ex-Cuttack MLA, His Wife
1 year, 2 months ago

Money Laundering Case: ED Files 2nd Supplementary Chargesheet Against Ex-Cuttack MLA, His Wife

News 18  

Enforcement Directorate last month filed a second supplementary Prosecution Complaint against erstwhile Choudwar-Cuttack MLA Pravat Ranjan Biswal and his wife Laxmi Bilasani Biswal in connection with the ongoing money-laundering case, the agency said on Tuesday. The probe agency also named M/s Seashore Securities Ltd., M/s Seashore Multipurpose Cooperative Ltd., their two directors Prashant Kumar Dash and Pravat Kumar Dash, and …

ED searches Sandu's offices for links with Sahiti Infra PMLA scam
1 year, 7 months ago

ED searches Sandu's offices for links with Sahiti Infra PMLA scam

Deccan Chronicle  

HYDERABAD: Enforcement Directorate officials on Monday conducted searches on the residence and office of Purnachandra Rao Sandu for his association with the Sahiti Infratec Ventures India in connection with several PMLA cases. Reportedly, the officials verified Sandu’s business transactions and his financial links with the Sahiti Group. ED officials had conducted raids at the residence and offices of its managing …

Sahiti victims perform homam', seek govt intervention
1 year, 8 months ago

Sahiti victims perform homam', seek govt intervention

Deccan Chronicle  

HYDERABAD: The victims, who invested in Sahiti Infra Tech, for purchasing flats at different places in the city, on Sunday performed 'homam' at Madhapur for their properties and demanded the government to interfere and render justice to them. Kartikeya Panorama Buyers Association president Srinivas Reddy said that around 150 customers, who had paid for residential flats, participated in the ‘homam' …

ED searches properties of Sahiti Infra: PMLA cases
1 year, 8 months ago

ED searches properties of Sahiti Infra: PMLA cases

Deccan Chronicle  

HYDERABAD: Enforcement Directorate officials, who registered cases under the Prevention of Money Laundering Act against Sahiti Infra Tech and its management, conducted raids on the office premises and residence on Saturday. The raids were carried out at eight different places in Hyderabad and other locations as Sahiti Infra has taken up construction projects in Vijayawada. The firm is accused of …

ED freezes Rs 137 crore of Qnet Ltd outlet
1 year, 8 months ago

ED freezes Rs 137 crore of Qnet Ltd outlet

Deccan Chronicle  

Hyderabad: The Directorate of Enforcement has frozen over ₹137 crore during search operations at seven locations, including in Bengaluru, in connection with a money laundering case against Vihaan Direct Selling pvt. ltd., a sub-franchisee Qnet Ltd. ED initiated a PMLA investigation on the basis of 38 FIRs against Qnet Ltd., Vihaan direct selling and others registered by Cyberabad police under …

Siemens Project fraud: ED arrests 4 in Andhra Pradesh money laundering case, sent to custodial remand
1 year, 9 months ago

Siemens Project fraud: ED arrests 4 in Andhra Pradesh money laundering case, sent to custodial remand

India TV News  

'Siemens Project' fraud case: In a major crackdown, the Enforcement Directorate arrested four people in connection with its money laundering probe into the alleged diversion of Andhra Pradesh government funds for the implementation of the 'Siemens Project'. Suman Bose, ex-MD of Siemens Industry Software India Pvt Ltd, Vikas Vinayak Khanvelkar, Mukul Chandra Agrawal, ex-Financial Advisor, and authorised signatory of Skillar …

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case
1 year, 9 months ago

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case

India Today  

The Enforcement Directorate conducted a day-long raid on over eight locations linked to several businessmen and entry operators in Maharashtra’s Nagpur in connection with an alleged Rs-1,000 crore investment fraud case on Friday. According to sources, the case is related to an investment fraud-cum-money laundering racket run by Pankaj Mehadia and his accomplices where they duped investors of hundreds of …

ED searches 14 premises including BSE-listed company in Power Bank app fraud case
1 year, 9 months ago

ED searches 14 premises including BSE-listed company in Power Bank app fraud case

India Today  

The Enforcement Directorate conducted searches at 14 premises pertaining to Sagar Diamond Limited, a BSE listed company, RHC Global Exports Limited, their director Vaibhav Dipak Shah and their associates in Surat SEZ, Ahmedabad and Mumbai in the Power Bank App fraud case. During the search, cash worth 25 lakh, gold, diamonds and other valuables amounting to Rs 10 crore, digital …

ED attaches properties of Saravana Stores in money laundering case
2 years ago

ED attaches properties of Saravana Stores in money laundering case

Op India  

The Directorate of Enforcement has attached immovable properties of Saravana Stores Chennai amounting to Rs 66.93 crore in relation to a money laundering case for alleged defrauding of Axis Bank. Shiravan Partners of Saravana Stores with criminal intention approached Axis Bank to cheat Axis Bank, Chennai. Investigation revealed that the accused persons overstated the inventory, used the OCC limits to …

CCS gets three-day custody of Sahiti owner for Rs 900 crore fraud
2 years ago

CCS gets three-day custody of Sahiti owner for Rs 900 crore fraud

Deccan Chronicle  

HYDERABAD: A city court granted three-day custody of Sahiti Infratec Ventures’ owner Boodati Laxminarayana from Saturday for further interrogation by the Central Crime Station police. CCS sleuths said they had identified 20 more accused in the case, including Laxminarayana’s wife Parvathi and son Sathvik, and the process to identify others involved in the multi-crore fraud was in progress. It was …

ED raids Salarpuria Sattva Group, freezes Rs 50 crore
2 years, 1 month ago

ED raids Salarpuria Sattva Group, freezes Rs 50 crore

Deccan Chronicle  

HYDERABAD: The Enforcement Directorate conducted extensive searches at the offices of the Salarpuria Sattva Group and froze assets worth Rs 49.99 crore spread across 316 bank accounts under the Prevention of Money Laundering Act, 2002. The investigation found that the promoters and directors of Salarpuria Sattva Group instructed multiple shell companies registered in Kolkata and Shillong to layer and transfer …

Transactions of two realtors under I-T lens
2 years, 4 months ago

Transactions of two realtors under I-T lens

Deccan Chronicle  

Hyderabad: The income-tax department raided two top real estate firms — Vasavi and Sumadhura — in the city on Wednesday. While the two firms have aggressively been launching projects individually, they had recently formed a joint venture and announced what they claimed was an iconic project, Olympus, 44-storey residential towers, in the upmarket Financial District. Recently, Vasavi succeeded in bagging …

Assets worth ₹234.75 cr of a Chennai store seized in money laundering case
2 years, 5 months ago

Assets worth ₹234.75 cr of a Chennai store seized in money laundering case

Live Mint  

The Enforcement Directorate has attached immovable properties of M/s Sarvana Stores Chennai amounting to ₹234.75 crore in relation to a money laundering case for defrauding Indian Bank. ED investigation revealed that M/s Saravana Store Chennai has applied for sanctioning of loan by fabricating Balance Sheet and projecting sound financial health of the firm. Further, in order to cheat Indian Bank, …

ED chargesheets Uttarakhand firm, bank officials in loan fraud case
2 years, 8 months ago

ED chargesheets Uttarakhand firm, bank officials in loan fraud case

India Today  

The Enforcement Directorate has filed a chargesheet under the Prevention of Money Laundering Act against Uttarakhand-based Luxmi Auto Industries and others in a bank fraud case. Along with the firm, ED has named its partners Satish Kumar Gupta and Parminder Singh, and Central Bank of India officials - Sharwan Kumar Singhal, Avdhesh Kumar Gupta. ED has alleged that the accused …

ED charge sheet against Himachal company in R407-cr money-laundering case
3 years, 9 months ago

ED charge sheet against Himachal company in R407-cr money-laundering case

India Today  

The Enforcement Directorate Thursday filed a charge sheet before the Special Court in Shimla against 15 directors and promoters of a Himachal-based company in connection with a bank fraud case under the Prevention of Money Laundering Act. The financial probe agency has named Indian Technomac Company Limited, its Managing Director Rakesh Kumar Sharma, its Director Vinay Kumar Sharma and 12 …

ED arrests two in PMC Bank fraud case
3 years, 11 months ago

ED arrests two in PMC Bank fraud case

The Hindu  

The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday. On Friday, the agency searched five residential and business premises linked to the Viva Group, promoted by …

Bank Fraud Case: ED Raids Ahmedabad-based True Value Group, Seizes Rs 6 Crore
4 years, 1 month ago

Bank Fraud Case: ED Raids Ahmedabad-based True Value Group, Seizes Rs 6 Crore

News 18  

The Enforcement Directorate on Saturday said it has carried out searches at six locations belonging to an Ahmedabad-based True Value group and another firm and seized around Rs 6 crore in connection with a bank fraud case. The agency carried out searches at the residential and office premises of the firm True Value Group and another Vipul and Manish Associates …

ED attaches assets of frauds accused in Rs 2,066 crore money laundering scam
4 years, 3 months ago

ED attaches assets of frauds accused in Rs 2,066 crore money laundering scam

India Today  

The Enforcement Directorate has provisionally attached proceeds of crime worth Rs. 11.85 crores in the form of movable properties belonging to main promoters in the case of Surya Vinayak Industries Ltd. and its group companies under the Prevention of Money Laundering Act, 2002 in a bank fraud case. The case has been filed against Surya Vinayak Industries Ltd., Sanjay Jain, …

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