The Enforcement Directorate is delving deep into Rs 1000-crore financial irregularities allegedly committed by the Sahiti group in the name of pre-launch offers. The ED, which has registered a case of illegal diversion of funds in this matter, has written to the sub-registrars asking them to send the details of sites believed to be acquired by the company. Upon receipt of the information, the ED will inspect the lands and seize them.
The Sahiti group attracted customers to the company’s pre-launch offers. Many of those projects did not take off at all. Consequently, those who have bought flats in pre-launch offers lodged complaint with the police. Following the complaint, the police took Sahiti group MD Lakshminarayana into custody. It was discovered that the MD channelized the funds realized from real estate business into other organisations illegally. As a result, the enforcement directorate swung into action and registered case against Sahiti Infra group companies.
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