The Enforcement Directorate’s Hyderabad Zonal Office on Saturday arrested Kakarla Srinivas, Managing Director of Jayathri Infrastructures India Pvt Ltd, in connection with an alleged Rs61 crore financial fraud. The arrest followed an investigation initiated on the basis of multiple FIRs registered by the Hyderabad Police.
According to officials, the FIRs were filed against Jayathri Infrastructures India Pvt Ltd, its MD Kakarla Srinivas, Jayathri Reliabilities India Pvt Ltd, and other associated entities. The cases were registered under various provisions of the Indian Penal Code, 1860, along with the Telangana State Protection of Depositors of Financial Establishments Act.
The complaints were lodged by homebuyers and investors who accused the companies of cheating, criminal breach of trust, and misappropriation of funds. Investigators revealed that victims were lured with promises of pre-launch residential flats, commercial spaces, metro station stalls, and assured rental returns. However, these commitments allegedly failed to materialise, leading to significant financial losses for investors.
The ED is continuing its probe to trace the money trail and identify other beneficiaries involved in the case.
