ED searches eight locations in probe against Jayathri Infrastructures
HYDERABAD: The Enforcement Directorate searched eight premises linked to Jayathri Infrastructures India Pvt Ltd and associated entities on November 20 and 21 under the Prevention of Money Laundering Act, 2002, as part of a probe into alleged diversion of funds collected from homebuyers.
The Directorate of Enforcement said it initiated the investigation based on multiple first information reports registered by Telangana Police. The FIRs alleged that the firm collected about ₹60 crore from homebuyers through pre-launch offers but neither delivered flats nor refunded money.
Diversion and layering of investor funds
According to the agency, the proceeds of crime generated through non-delivery of flats were diverted and layered through several entities that lacked genuine business links with the company. Investigators found that a number of these firms operated from fictitious or residential premises and acted as conduits to route investor funds through non-genuine transactions.
Searches were conducted at the premises of Janapriya Group, Raja Developers and Builders, R K Ramesh, Satya Sai Transport, Sri Gayathri Homes and Siva Sai Constructions, among others.
Digital data, documents seized
The ED said searches carried out under Section 17 of the PMLA led to seizure of digital devices, incriminating records, memoranda of understanding, details of undelivered properties, documents related to alienation of project land, and material showing diversion and current placement of funds.
Initial examination of the seized material indicated coordinated collusion to misappropriate investor money and divert project land to third parties without allotting units to genuine buyers, the agency added.
Accused MD on the run
The agency said the firm’s managing director, Kakarla Srinivas, had earlier been arrested by Hyderabad Police and released on bail. He is currently on the run.
The seized material is under scrutiny, and further investigation is underway to identify additional persons involved and initiate action under PMLA.
