Cracking Down on Real Estate Fraud: ED Arrests Sahiti Infratec Ventures MD
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Real Estate FraudEdSahiti Infratec VenturesPmlaMoney LaunderingReal Estate NewsSep 30, 2024
The ED had initiated an investigation against Sahiti Infratec Ventures and its directors, including Lakshminarayan, for allegedly cheating thousands of investors by promising them high returns on their investments in various real estate projects.
According to the ED, Lakshminarayan and his company had collected over Rs 100 crore from investors, promising them high returns and assured profits. However, instead of investing the money in the projects, the accused had allegedly siphoned off the funds for personal use.
The ED had conducted searches at various locations, including the office premises of Sahiti Infratec Ventures and the residential premises of Lakshminarayan, and seized various documents and electronic devices.
Lakshminarayan was produced before a special PMLA court, which remanded him to ED custody for further interrogation.
The ED's crackdown on Sahiti Infratec Ventures is part of its efforts to curb real estate fraud and protect the interests of investors. The agency has been actively investigating several cases of real estate fraud in recent times, and has arrested several high-profile individuals in connection with these cases.
The Sahiti Infratec Ventures case is a classic example of how real estate companies can dupe investors by making false promises and misusing their funds. The ED's action in this case sends a strong message to other companies and individuals who may be involved in similar fraudulent activities.
In a separate case, the ED had arrested the CMD of a prominent real estate company for allegedly cheating investors of over Rs 500 crore. The agency had also attached properties worth over Rs 100 crore in connection with the case.
The ED's actions in these cases demonstrate its commitment to curbing real estate fraud and protecting the interests of investors. The agency's efforts are also aimed at sending a strong message to other companies and individuals who may be involved in similar fraudulent activities.
Sahiti Infratec Ventures was founded in 2010 and had claimed to be a leading real estate developer in the country. However, the company's fortunes began to decline in recent years, and it had been facing financial difficulties.
The ED's investigation into Sahiti Infratec Ventures is ongoing, and the agency is expected to file a chargesheet in the case soon.
In the meantime, investors who had put their money in Sahiti Infratec Ventures' projects are left to wonder if they will ever get their money back.
Information
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws in India. The agency is responsible for investigating cases of money laundering, foreign exchange violations, and other economic crimes.
The Mint News App is a leading news app that provides users with the latest news updates on markets, business, and economy.
Frequently Asked Questions
What is the Prevention of Money Laundering Act (PMLA)?
The PMLA is a law that aims to prevent and control money laundering in India.
What is the Enforcement Directorate (ED)?
The ED is a law enforcement agency responsible for enforcing economic laws in India.
What is Sahiti Infratec Ventures?
Sahiti Infratec Ventures is a real estate company that was founded in 2010.
What is the case against Sahiti Infratec Ventures?
The ED has accused Sahiti Infratec Ventures and its directors of cheating thousands of investors by promising them high returns on their investments in various real estate projects.
What is the status of the case?
The ED has arrested the MD of Sahiti Infratec Ventures and is currently investigating the case.
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