Hyderabad, Nov 24 (LatestNewsX)—The Enforcement Directorate (ED) has exposed a scheme by Hyderabad’s Jayathri Infrastructures India Pvt Ltd, which allegedly pocketed ₹60 crore from homebuyers and then re‑channeled the money into a number of shell entities.
On Monday, ED’s Hyderabad Zonal Office said it carried out search operations under the Prevention of Money Laundering Act (PMLA), 2002, at eight different sites. The sweeps, conducted on 20 and 21 November, targeted the firm, its Managing Director Kakarla Srinivas, and a host of related organizations.
The raids covered locations operated by Janapriya Group, Raja Developers and Builders, R.K. Ramesh, Satya Sai Transport, Sri Gayathri Homes, and Siva Sai Constructions, among others. Investigators launched the probe after several FIRs filed by Telangana Police accused the company of defrauding buyers through pre‑launch schemes, failing to deliver flats and not issuing refunds.
The investigation revealed that proceeds generated from the non‑delivery of units were funneled and layered through numerous companies lacking any legitimate business ties. Several of these entities operated from fake or residential addresses and served as conduits for diverting investor funds, effectively obscuring the origin and trail of the money.
Under Section 17 of the PMLA, authorities seized a range of digital devices, documents, and bank accounts. The recovered material includes records of unfulfilled property sales, MOUs, the sale of project lands, and evidence of how and where the crime proceeds were finally used.
A preliminary review points to a coordinated effort to siphon off investor money and re‑allocate project lands to third parties, with genuine buyers left without units.
Kakarla Srinivas, the main suspect, had earlier been taken into custody by Hyderabad Police, released on bail, and is now reported to be evading authorities.
The seized evidence is under detailed examination, and the ED is continuing its inquiry to identify additional persons involved and pursue further action in line with the PMLA, 2002.
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