(Image source from: Thehansindia.com)
TTD Member held for Rs 500 Cr Scam:- Boodati Lakshmi Narayana, the member of Tirumala Tirupati Devasthanam (TTD) has been arrested by the Hyderabad Central Crime Station (CCS) on Friday for cheating the customers on the name of a pre-launch offer in a high rise project that is based in Hyderabad. Lakshmi Narayana is the Managing Director of Sahiti Infratec Ventures Pvt Ltd. The investors have lodged several complaints in several police stations and they even staged protest infront of the office of Sahiti Infratec Ventures in Hyderabad's Jubilee Hills. Lakshmi Narayana has been accused for launching several projects in Hyderabad and he duped more than 2500 customers for Rs 900 crores. Lakshmi Narayana is said to have collected Rs 539 crores from 1700 people for a project in Ameenpur which is spread over 23 acres.
Without acquiring the needed permissions, Lakshmi Narayana collected money on the name of pre-launch offer. The project did not materialize and Lakshmi Narayana promised to return back the amount with 15-18 percent interest per annum. He issued cheques and they bounced. The cops have been urging the people not to fall prey for the pre-launch offers by any real estate company. Lakshmi Narayana has been a board member of TTD from a long time. Lakshmi Narayana will face the investigation about the investments he made with the money collected from the people.