HYDERABAD: Enforcement Directorate officials in Hyderabad carried out searches at eight locations on 20 and 21 of this month under the Prevention of Money Laundering Act in a case involving Jayathri Infrastructures India Pvt Ltd, its managing director, Kakarla Srinivas, and linked entities.
The searches covered the premises of Janapriya Group, Raja Developers and Builders, RK Ramesh, Satya Sai Transport, Sri Gayathri Homes and Siva Sai Constructions, among others. The inquiry stems from multiple FIRs registered by Telangana police alleging that the company collected about `60 crore from homebuyers through pre-launch offers but did not deliver flats or issue refunds. According to the agency, the firm generated Proceeds of Crime by failing to hand over properties and diverted the funds through several entities without any genuine business rationale.
Many of these entities operated from fictitious or residential addresses and acted as conduits to move investor money through non-genuine transactions.
Acting under Section 17 of the Act, officials seized digital devices, documents and froze bank accounts. The material includes records of undelivered properties, MoUs, land-related documents and details pointing to how the funds were moved. Initial findings suggest coordinated involvement to divert investor money and transfer project lands to third parties without allotting units to buyers.
Kakarla Srinivas, the main accused, was earlier arrested by Hyderabad police, later secured bail and is now absconding.
