APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI MP-PMLA-1041/HYD/2025 FPA-PMLA-7016/HYD/2023 Mr. Sandu Puranchandra Rao … Appellant MP-PMLA-1042/HYD/2025 FPA-PMLA-7017/HYD/2023 Mrs. Sandu Baby Swathi … Appellant MP-PMLA-1043/HYD/2025 FPA-PMLA-7018/HYD/2023 Mr. Varada Rama Rao … Appellant MP-PMLA-1044/HYD/2025 FPA-PMLA-7019/HYD/2023 Mrs. Varada Suseela … Appellant MP-PMLA-1045/HYD/2025 FPA-PMLA-7020/HYD/2023 M/s Purnachandra HUF … Appellant MP-PMLA-1046/HYD/2025 FPA-PMLA-7021/HYD/2023 M/s. Royalnirman Infra Projects Pvt. Ltd. … Appellant MP-PMLA-1047/HYD/2025 FPA-PMLA-7022/HYD/2023 M/s Sreegruha Estates Pvt. Ltd. … Appellant MP-PMLA-1048/HYD/2025 FPA-PMLA-7023/HYD/2023 M/s Mahogany Farmlands Projects Pvt. Ltd. … Appellant MP-PMLA-1049/HYD/2025 FPA-PMLA-7024/HYD/2023 M/s KRR Bharat Nirman Pvt.

Ltd. … Appellant Versus The Deputy Director, Respondent Directorate of Enforcement, Hyderabad Advocates / Authorized Representatives who appeared:

For the Appellant(s) : Shri S.K. Sharma, Tariq Ahmed, Shri Vyom Shandilya, Rohan Kumar, Chitrankit Rana, Advocates For the Respondent(s) : Shri Himanshu Jain, Advocate CORAM JUSTICE MUNISHWAR NATH BHANDARI : CHAIRMAN SHRI V. ANANDARAJAN : MEMBER

ORDER

16.07.2025 The batch of appeals have been filed by the appellants to challenge the order dated 07.11.2023 passed by the Adjudicating Authority allowing retention of the records and freezing of bank accounts and foreign currency.

2. The appeal has been filed by few defendants out of many before the Adjudicating Authority.

Brief facts of the case:

3. An FIR No. 158/2022 was registered by PS, CCS, Hyderabad on 01.08.2022 against M/s Sahiti Infratec Ventures India Private Limited (SIVIPL) and its MD, Shri Boodati Laxminarayan and other unknown persons for commission of offence of cheating, criminal breach of trust jeopardizing the interest of the various investors causing wrongful losses to them and corresponding wrongful gains to the accused to the tune of Rs.72,81,98,000/-.

4. In pursuance to the FIR, an ECIR was recorded by the respondent followed by investigation. In the investigation, it was revealed that a project in the name of ‘Sarvani Elite’ was launched by the company where they collected Rs.250 crores from more than 1000 customers. It was also revealed that many other FIRs have been registered by the investors and home-buyers alleging that despite receipt of the money, flats were not delivered by the company. It was not only for the project ‘ Sarvani Elite’ but various other projects launched by the company.

5. The statement of main accused, Shri B. Lakshminarayan, MD of SIVIPL was recorded under Section 50(2) and 50(3) of the Prevention of Money Laundering Act, 2002 ( in short “the Act of 2002”) wherein he admitted receipt of Rs. 250 crores for ‘Sarvani Elite’ project at Ameenpur. The amount aforesaid was misappropriated by the Director appellant, Shri Purnachandra Rao in collusion with other staff members. It was to the tune of Rs.48 Crores received from various customers during the period 2019-2020. When the internal audit was conducted, the fraud committed by the appellant, Shri S. Purnachandra Rao came into light. It was alleged that he had taken the money in his accounts on booking of the flats by the customers. The fraud came in their knowledge in the year 2021 and accordingly, SIVIPL registered an FIR with Madhapur Police Station against the appellant, Shri S. Purnachandra Rao and other employees. A mutual agreement was then entered for refund of the amount of Rs. 40 Crores.

6. The statement of Shri S. Purnachandra Rao was also recorded on 16.05.2023 where he accepted the settlement agreement between him and SIVIPL which resulted in transfer of some properties belonging to him and his family members in the name of SIVIPL. This was to settle the amount of Rs.40 Crores.

7. The statement of Shri Jitender Kalluri, Chartered Accountant was also recorded on 19.05.2024 when he stated that an total amount of Rs.126 Crores was siphoned off by the sales