Jayathri Infrastructures MD arrested in money laundering case
The Enforcement Directorate arrested Jayathri Infrastructures MD Kakarla Srinivas in a Hyderabad-linked money-laundering case involving Rs 60 crore allegedly collected from homebuyers through deceptive schemes. Investigators say funds were diverted via shell companies and bank accounts frozen
Hyderabad: Kakarla Srinivas, the managing director of Jayathri Infrastructures India Pvt. Ltd., was arrested by the Directorate of Enforcement (ED), Hyderabad officials in Chennai in connection with a money-laundering case.
The ED has conducted searches at eight locations in the city recently.
The probe is based on multiple FIRs alleging that the company collected around Rs 60 crore from homebuyers through deceptive pre-launch schemes, but failed to deliver flats or issue refunds.
According to the ED, the proceeds of crime were diverted through several shell companies with no genuine business activity, many operating from fictitious or residential addresses, to conceal and layer investor funds.
Searches resulted in the seizure of digital devices and incriminating documents, and the freezing of several bank accounts. The material reportedly includes records related to undelivered housing projects, project land transactions and diversion of funds.
Preliminary investigation indicates coordinated collusion to misappropriate public investments and alienate project lands to third parties.
Srinivas will be produced before the court and remanded in judicial custody on Friday.
Further investigation is on.
