Realtor Boodati Laxminarayana Arrested For Cheating Customers

On December 1, the EOW Team, CCS, DD Hyderabad, arrested realtor Boodati Lakshminarayana, Managing Director of Sahiti Infratec Ventures India Pvt Ltd, for luring customers with pre-launch offer schemes on double/triple bedrooms varying from 1,200 sft to 1,700 sft in high rise apartments of 38 floors in a project named Sahiti's Sarvani Elite at Ameenpur village in a plot of 23 acres, without any proper permissions from the HMDA/GHMC, and collecting about Rs 539 crore from over 1,700 customers.

When the project failed to materialize and the victims insisted that their amounts be returned, Lakshminarayana promised to return the amounts collected with interest of 15% to 18 % per annum, and also issued cheques for the said amounts, but failed to honour his promise.

Apart from Sahiti's Sarvani Elite, Sahiti Infratec Ventures also started other projects in the vicinity of Hyderabad, and has so far allegedly defrauded over 2,500 customers to the tune of Rs 900 crore in all the projects combined.

The Hyderabad police appealed to the public not to fall prey to such pre-launch offers by real estate companies, and to check that all the various necessary permissions required for the construction of high-rise buildings were in place before purchasing any flats/plots.