ED Summons MLA Arekapudi Gandhi Over ₹2.1 Crore Sahiti Infratec Money Trail
The ED has summoned Serilingampally MLA Arekapudi Gandhi for questioning after about ₹2.1 crore from Sahiti Infratec was allegedly routed through his accounts.
The Enforcement Directorate has summoned Serilingampally MLA Arekapudi Gandhi for questioning in its money-laundering investigation into Sahiti Infratec Ventures India Private Limited, after roughly ₹2.1 crore linked to the company was allegedly routed through his bank accounts.
The summons was issued on Thursday, asking the legislator to appear before the agency on Monday. Investigators are expected to question him about the nature and purpose of the transactions and to seek an explanation for the funds he allegedly received from the company.
The development is part of a broader probe into the alleged diversion of money that the firm collected from homebuyers. The agency registered the money-laundering case on the basis of complaints and cases filed by the Telangana Police against the company, its managing director B. Lakshminarayan and others following grievances raised by buyers.
According to the agency, the firm collected advances from homebuyers through pre-launch offers for residential projects but allegedly did not hand over the promised flats or return the money. It has estimated the proceeds of crime in the case at ₹842.15 crore, of which ₹216.91 crore is said to have been collected in cash from buyers and kept outside the company's books.
The agency has alleged that funds gathered from buyers were siphoned off through transactions with related and unrelated entities and individuals without any genuine business purpose. It has further alleged that large amounts were withdrawn in cash, while some funds were moved to overseas bank accounts held by Lakshminarayan and his family members.
The MLA's questioning is expected to focus on the ₹2.1-crore trail and the circumstances in which the money allegedly moved from the company into his accounts.