Funds meant for housing project diverted to personal accounts, says Enforcement Directorate

xHyderabad: The Enforcement Directorate (ED), Hyderabad Zonal Office, has attached movable and immovable properties worth Rs 12.65 crore belonging to Sahiti Infratec Ventures India Pvt. Ltd. (SIVIPL), its former director, Sandu Purnachandra Rao, his family members, and associated entities for defrauding homebuyers.

During the investigation, it was found that SIVIPL did not have the necessary RERA or HMDA permissions. There was no escrow account for the project, and the funds received from investors were deposited in various bank accounts, officials said. Though Rs 216.91 crore was collected from investors in cash, the officials said the money was kept out of the company’s books of accounts.

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