Hyderabad: The Enforcement Directorate (ED) intensified its probe into Jayatri Infrastructures India Private Limited over alleged pre-launch offer fraud in the real estate sector.
Officials said the agency recently arrested the company’s managing director, Kakarla Srinivas, in Chennai and began the process of bringing him to Hyderabad for further questioning. The ED booked a case under the Prevention of Money Laundering Act (PMLA) following multiple complaints from buyers.
Telangana police had earlier arrested Srinivas based on complaints from victims. However, he allegedly went absconding after securing bail. Acting on fresh inputs, the ED traced and detained him in Chennai.
Investigators alleged that Jayatri Infrastructures cheated hundreds of people of more than Rs 300 crore. The company reportedly lured buyers with pre-launch offer and proposed projects. Victims said the firm collected large sums by promising houses and flats but neither completed the projects nor refunded the money.
As part of the probe, ED teams carried out searches at eight locations in Hyderabad. They seized key documents and digital devices during the operation. Preliminary findings suggested that the accused diverted the collected funds through shell companies to launder the proceeds.
