Hyderabad: On Friday, December 19, the Enforcement Directorate (ED) arrested Kakarla Srinivas, the Managing Director of Jayatri Infrastructures Private Limited, over a suspected Rs 300 crore real estate scam.
The ED’s action stemmed from complaints filed against Srinivas by the Hyderabad police earlier this year. He allegedly collected substantial sums from buyers through pre-launch offers for housing projects. After securing the funds, he reportedly failed to provide the promised homes, leaving buyers defrauded.
Srinivas was apprehended in Chennai and has been brought to Hyderabad for further questioning. He allegedly fled soon after the ED initiated action against him.
In November, the ED conducted searches at eight locations linked to Jayathri Infrastructures and Srinivas. The investigation revealed that nearly Rs 300 crore was siphoned off through fraudulent schemes. The funds were misused instead of being used for the housing projects. Srinivas is set to appear in court soon as the case progresses.
The inquiry is based on multiple complaints filed by the Telangana Police. These complaints allege that the company deceitfully gathered approximately Rs 60 crore from buyers through misleading offers, failing to deliver the promised properties or issue refunds.
Investigators discovered that the proceeds from the fraud were funneled through various entities without legitimate business operations. Many of these entities operated from fake or residential addresses, acting as channels to obscure and launder the funds. Further investigations continue to trace the money and uncover other involved parties.
