900 Crore Scam In Hyd: TTD Board Member Arrested!

Tirumala Tirupati Devasthanam board member and Sahiti Infratec Ventures India Pvt Ltd MD Budati Lakshminarayana has been arrested in connection with Rs 900 Crore scam. According to reports, Lakshminaryana’s real-estate firm has duped about 2500 customers to the tune of Rs 900 Crore in the name of “pre-launch” scheme. The Central Crime Station (CCS) police, Hyderabad has arrested Lakshminarayana on Friday. The officials who did preliminary investigation has found the fraud done by Sahiti Infratec. 

Going into details, Lakshminarayana had announced to construct multi-storied apartment in 2019 at Ameenpur in Sangareddy under the name of Sahiti Saravani Elite. He stated that the plan is to build 10 apartments of 38 floors each in 23 acres. He procured money from the potential customers under pre-launch offer.

Whereas in reality, there was no approvals for this project from HMDA. He had duped customers that the approvals are getting delayed. Even after 3 years, when the project isn’t completed, several customers had approached the builder for repayment. The builder had promised to return the money with an interest of 15 to 18 percent. But many of the cheques builder handed over to the customers started bounced. 

The victims have formed a union and approached the police. Police found that Lakshminarayana had announced other similar projects in Ameenpur and reportedly took money from many other customers under pre-launch offer. CCS police have arrested him on Friday.

Meanwhile, Lakshminarayana has sent his resignation to the TTD. TTD has sent his resignation to the AP state government. Lakshminarayana hails from Guntur district’s Mangalagiri and settled in Hyderabad. According to reports, he got TTD Board Member post in September 2021 with the blessings and support of Visakha Sri Sarada Peetham head Sri Sri Sri Swaroopanandendra. More details are yet to be known.