Missing for 2 years, Sahiti Infratec MD tracked down in Hyderabad, held by ED

HYDERABAD: After eluding investigators for nearly two years, Sahithi Infratec Ventures India Private Ltd MD B Lakshmi Narayana was arrested by the Enforcement Directorate (ED) on Sunday night. ED officials tracked him down on Sunday after coming to know that he had returned to the city. He was brought to ED's office and questioned briefly.
There are 50 cases registered against Sahithi Infratec and Lakshmi Narayana in various police stations and central agencies in different parts of the country.ED officials have already attached his properties worth Rs 160 crore.

On Monday, he was produced before a magistrate in the Nampally court complex who sent him to 14-day judicial remand.
Lakshmi Narayana is accused of defrauding Rs 350 crore from 700 buyers after assuring them of providing residential and commercial space. He is also accused of collecting money from buyers citing pre-launch offers. Later, he failed to construct the promised properties.
Initially, a criminal case was registered against him in the Central Crime Station (CCS) of Hyderabad police who had also arrested him. In 2022, ED, Hyderabad, too quizzed him on a few occasions after registering a case against him.
"But when he was called again, he submitted a medical certificate expressing his inability to come on medical grounds. Since then he has been inaccessible to us," a source in ED told TOI, adding that the medical certificate turned out to be fake.