Hyderabad: Lakshminarayana, the Managing Director of Sahitya Infratech, has been remanded to 14 days of judicial custody by the Nampally Sessions Judge. Following the court’s order, Enforcement Directorate (ED) officials have transferred him to Chanchalguda Jail. The ED initiated action after receiving numerous complaints alleging that Sahitya Infratech collected funds under the pretext of real estate projects. The agency has registered a case under the Money Laundering Act, focusing on the company’s operations, which reportedly amassed over ₹1,800 crores from consumers.
During the hearing, the ED sought custody of Lakshminarayana for further questioning. The judge advised his counsel to file a counter petition by the next day, indicating that legal proceedings will continue promptly. This situation has raised significant concerns among consumers who invested in Sahitya Infratech’s projects, as they seek clarity on their investments amid the ongoing investigation. The fallout from this case underscores the importance of regulatory oversight in real estate transactions, particularly in protecting consumers from potential fraud. As the investigation unfolds, further developments are anticipated regarding the implications for Sahitya Infratech and its stakeholders.
