Hyderabad, Dec 19 (SocialNews.XYZ) The Enforcement Directorate (ED) has arrested Kakarla Srinivas, Managing Director of Hyderabad-based Jayathri Infrastructures India Pvt Ltd, in a money laundering case relating to alleged cheating of home buyers.
The Central agency arrested the main accused in the case in Chennai on Thursday and brought him to Hyderabad. He will be produced before the Special PMLA Court later on Friday.
Srinivas was absconding after he was released on bail. He was earlier arrested by Hyderabad Police.
The ED initiated the investigation based on multiple FIRs registered by Hyderabad Police alleging that the firm fraudulently collected about Rs 60 crore from homebuyers through deceptive pre-launch schemes and failed to deliver promised flats or refunds.
The agency had said last month that Jayathri Infrastructures had diverted Rs 60 crore fraudulently collected from homebuyers to multiple entities.
The ED on November 20 and 21 conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002, at eight premises linked to Jayathri Infrastructures, its MD Srinivas, and associated entities.
Searches were conducted at the premises of Janapriya Group, Raja Developers and Builders, R.K. Ramesh, Satya Sai Transport, Sri Gayathri Homes, Siva Sai Constructions, etc.
ED investigation revealed that Proceeds of Crime (POC) generated by Jayathri Infrastructures India Pvt Ltd by non-delivery of flats were diverted and layered through multiple entities in the absence of genuine business relationships.
Searches conducted under Section 17 of the PMLA resulted in the seizure of digital devices and incriminating documents, as well as freezing of bank accounts. The seized material includes records of undelivered properties, MOUs, alienation of project lands and material revealing the utilisation and current placement of the POC, the ED said.
Initial scrutiny had indicated coordinated collusion to misappropriate investor funds and divert project lands to third parties without allotting units to genuine purchasers.
Source: IANS
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