ED conducts searches in Hyderabad real estate money-laundering case
The Enforcement Directorate conducted searches at eight Hyderabad locations in a money-laundering probe against Jayathri Infrastructures India Pvt Ltd and MD Kakarla Srinivas. The firm allegedly duped homebuyers of Rs 60 crore. Srinivas, earlier arrested, is now absconding
Hyderabad: The Directorate of Enforcement (ED) conducted searches at eight locations in the city as part of a money-laundering probe against Jayathri Infrastructures India Pvt Ltd, its MD Kakarla Srinivas and associated entities.
The action follows multiple FIRs alleging that the firm collected around Rs 60 crore from homebuyers through deceptive pre-launch schemes without delivering flats or issuing refunds.
According to the ED, the proceeds of crime were diverted through several companies with no genuine business activity, many operating from fictitious or residential addresses. These entities allegedly acted as conduits to conceal and layer investor funds.
Searches led to the seizure of digital devices, incriminating documents and the freezing of bank accounts. The material includes records on undelivered properties, project land transactions and diversion of funds.
Officials said initial scrutiny points to coordinated collusion to misappropriate investments and alienate project lands to third parties.
Main suspect Kakarla Srinivas, earlier arrested and later released on bail, is currently absconding.
Further investigation is underway.
