Overview
- The ED said the latest attachment covers assets of SIVIPL, former director Sandu Purnachandra Rao, his family members, and associated entities under the PMLA.
- Investigators reported that SIVIPL lacked mandatory RERA and HMDA approvals, kept no escrow account, and routed buyer payments through multiple bank accounts.
- About ₹216.91 crore was collected in cash and kept off the company’s books, according to the ED’s findings.
- The agency alleges MD B. Lakshminarayana and Purnachandra Rao diverted buyer funds to personal and family accounts, with Rao accused of misappropriating about ₹126 crore, including ₹50 crore in cash, and acquiring benami properties.
- Both executives were arrested in separate ED actions, had bail petitions dismissed, and remain in judicial custody as the prosecution proceeds and the investigation continues.