Hyderabad: The Enforcement Directorate (ED) has launched a money laundering investigation into M/s Jayathri Infrastructures India Pvt. Ltd. This is in connection with a ₹60 crore homebuyer fraud. Officials carried out searches at eight locations on November 20 and 21. They targeted the company, its managing director Kakarla Srinivas, and his associates.
The ED action follows multiple FIRs that alleged the firm collected large sums from buyers through fraudulent pre-launch offers. However, the company neither delivered flats nor returned the money.
Jayathri Infra homebuyer fraud involved fund diversion, shell entities: ED
According to officials, the company routed Proceeds of Crime through fictitious entities and shell companies with no legitimate operations. The ED seized digital devices, incriminating documents, memorandums of understanding, and land-related papers during the raids. Authorities also froze multiple bank accounts linked to the accused.
Srinivas, who was previously arrested and is now absconding, is accused of diverting investor funds. Additionally, he is charged with transferring project lands to third parties. ED officials said the seized material is under scrutiny. Further leads are being pursued to identify others in the laundering network.