HYDERABAD: The Enforcement Directorate (ED) has apprehended Kakarla Srinivas, Managing Director of Jayathri Infrastructures India Pvt Ltd in Hyderabad. He is a key suspect in a multi-crore real estate pre-launch scam that reportedly defrauded numerous homebuyers.
Srinivas, who had been evading arrest for several months, was captured by the ED’s Hyderabad unit in Chennai on Thursday evening.
He was presented before the special PMLA court in Rangareddy on Friday and was remanded in judicial custody until December 31. The case revolves around alleged money laundering associated with extensive cheating of homebuyers and investors.
The ED initiated an investigation under the PMLA following numerous FIRs filed by Cyberabad police against Jayathri Infrastructures, Srinivas, and Jayathri Reliabilities India Pvt Ltd, among others. These FIRs stemmed from complaints by homebuyers and investors claiming fraud, breach of trust, and misallocation of funds raised under the guise of real estate development.
Investigators reported that victims were allegedly promised pre-launch flats, commercial units, metro station stalls, and guaranteed rental returns, none of which ever materialized.
According to ED sources, the PMLA investigation revealed that Srinivas allegedly defrauded homebuyers to the tune of ₹61 crores. Financial analyses showed the illicit proceeds were funneled through various bank accounts, subsequently redistributed to related companies, directors, family members, and substantial cash withdrawals. The misappropriated funds were used for acquiring real estate, settling unrelated debts, and circulating through proxy entities to obscure their true source and ownership.
Previously, Srinivas was arrested by KPHB police on May 21 and was granted bail in July. Following his release, he went into hiding and could not be located despite multiple summons issued at his home and office.
ED conducted searches at eight different locations and attempted to trace his whereabouts across nine sites, all of which proved unsuccessful. These searches yielded incriminating documents that disclosed the transfer and misdirection of ill-gotten gains to various parties.
Continued intelligence gathering suggested that Srinivas might travel to Chennai for property transactions. Acting on this information, ED officers apprehended him at Towers Club, Anna Nagar, on Thursday evening.
