The Enforcement Directorate’s (ED) Hyderabad Zonal Office announced that it recently carried out search operations at eight locations as part of its probe into Jayathri Infrastructures India Pvt Ltd, its Managing Director Kakarla Srinivas, and several associated entities.
Searches were conducted at the premises of Janapriya Group, Raja Developers & Builders, R.K. Ramesh, Satya Sai Transport, Sri Gayathri Homes, Siva Sai Constructions, and other linked entities.
The investigation stems from multiple FIRs filed by the Telangana Police, alleging that Jayathri Infrastructures collected around Rs60 crore from homebuyers through deceptive pre-launch schemes. The company allegedly failed to deliver the promised flats or issue refunds, leaving several buyers defrauded.
According to the ED, the proceeds of crime (POC) generated by the company were diverted and layered through various entities that had no genuine business activity. Many of these firms were found operating from fictitious or residential addresses, functioning solely as conduits to route and conceal investor funds through non-genuine transactions.
The searches, conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), resulted in the seizure of digital devices, incriminating documents, and the freezing of multiple bank accounts.
Among the seized materials were records of undelivered properties, MOUs, documents relating to the alienation of project lands, and evidence showing how the diverted funds were utilised and where they are currently placed.
Initial findings suggest a coordinated effort to misappropriate investor funds and divert prime project lands to third parties without allocating units to legitimate purchasers.
