Hyderabad: The Enforcement Directorate (ED) raided eight locations linked to a construction firm in Hyderabad in connection with money laundering on November 21 and 22.
According to the agency, Jayathri Infrastructures India Pvt Ltd, its managing director, Kakarla Srinivas, and linked entities were raided. The searches covered the premises of Janapriya Group, Raja Developers and Builders, RK Ramesh, Satya Sai Transport, Sri Gayathri Homes and Siva Sai Constructions, among others were also raided.
The inquiry stems from multiple FIRs registered by Telangana police alleging that the construction firm collected about Rs 60 crore from homebuyers through pre-launch offers but did not deliver flats or issue refunds.
According to the ED, the firm generated proceeds of crime by failing to hand over properties and diverted the funds through several entities without a business rationale.
Many of these entities operated from fictitious or residential addresses and acted as conduits to move investor money through non-genuine transactions.
Acting under Section 17 of the Act, officials seized digital devices, documents and froze bank accounts. The material includes records of undelivered properties, MoUs, land-related documents and details pointing to how the funds were moved. Initial findings suggest coordinated involvement to divert investor money and transfer project lands to third parties without allotting units to buyers.
Kakarla Srinivas, the main accused, was earlier arrested by Hyderabad police. He later secured bail and is now absconding.
