Sahiti Infratech Ventures MD arrested for Rs 539 Cr scam in Hyderabad
The project failed to materialize and the people, who bought the houses, insisted on returning the amounts
HYDERABAD: Hyderabad police, on Friday, arrested the Managing Director of Sahiti Infratech Ventures India Pvt Ltd Boodati Laxminarayana for scamming around 1,700 customers of Rs 539 crore.
Reportedly, the organisation lured people with prelaunch offer schemes of double and triple bedrooms varying in high rise apartments of their project Sahiti's Sarvani Elite at Ameenpur Village without any proper permission from Hyderabad Metropolitan Development Authority (HMDA) or the Greater Hyderabad Municipal Corporation (GHMC).
The project failed to materialize and the people, who bought the houses, insisted on returning the amounts. The organisation promised to return the money. However, the money was never returned to the people.
Apart from this project of Sahiti's Sarvani Elite, Sahiti Infratech Ventures also started different projects in Hyderabad and reportedly defrauded over more than 2,500 customers to the tune of Rs 900 Crores in various projects put together.
On behalf of Hyderabad City Police, the public were requested not to fall prey for such pre-launch offers offered by real estate companies. The public were advised to check for all types of permissions required for construction of high rise buildings before purchasing any flats or plots and not fall prey to any fraudsters.