Hyderabad, Nov 24 (NationPress) - The Enforcement Directorate (ED) has uncovered that Jayathri Infrastructures India Pvt Ltd, a company based in Hyderabad, wrongfully diverted Rs 60 crore collected from homebuyers to various entities. This revelation comes from an ongoing investigation by the ED.

The Hyderabad Zonal Office of the ED announced on Monday that it executed search operations under the Prevention of Money Laundering Act (PMLA), 2002, across eight locations as part of the investigation against Jayathri Infrastructures, its Managing Director Kakarla Srinivas, and associated entities on November 20 and 21.

Searches targeted premises of Janapriya Group, Raja Developers and Builders, R.K. Ramesh, Satya Sai Transport, Sri Gayathri Homes, and Siva Sai Constructions, among others, as stated by the central agency.

The investigation was initiated following multiple FIRs filed by the Telangana Police, alleging that the firm fraudulently amassed approximately Rs 60 crore from homebuyers through misleading pre-launch schemes, subsequently failing to deliver the promised apartments or refunds.

According to the ED's findings, the Proceeds of Crime (POC) generated by Jayathri Infrastructures through the non-delivery of flats were diverted and layered across multiple entities without any legitimate business connections.

“Many of these entities were discovered to be operating from either fictitious or residential addresses, serving as channels to funnel investor funds through illegitimate transactions, thereby aiding in the concealment and layering of POC,” the ED remarked.

The searches, conducted under Section 17 of the PMLA, led to the confiscation of digital devices, incriminating documents, and the freezing of bank accounts. The confiscated items include records of undelivered properties, MOUs, alienation of project lands, and materials detailing the utilization and current status of the POC.

Preliminary investigations suggest a coordinated effort to misappropriate investor funds and to transfer project lands to third parties without allocating units to genuine purchasers.

The principal accused, Kakarla Srinivas, was previously arrested by the Hyderabad Police, later released on bail, and is currently evading authorities.

Authorities are analyzing the seized materials, with ongoing investigations aimed at identifying additional individuals involved and pursuing further action under the provisions of the PMLA, 2002.