ED Arrests Jayathri Infra MD For Rs 60-Crore Scam
He flew to Chennai after he was released on bail. On a tip off, the ED arrested him in Chennai and brought him back to Hyderabad: Redports
HYDERABAD: The Enforcement Directorate arrested Jayathri Infrastructures India managing director Kakarla Srinivas for allegedly diverting Rs 60 crore, which he collected from collected.
He was arrested in Chennai, where he flew to after the agency filed cases against him. After his arrest, Srinivas was produced before a court in Hyderabad which sent him to judicial remand.
The agency took up the investigation after the Telangana police registered multiple FIRs alleging the firm of fraudulently collecting about Rs 60 crore from homebuyers through deceptive pre-launch schemes, but failed to deliver promised flats or refunds.
After registering the cases, the ED conducted searches at the residence of Srinivas, and the office premises of Jayathri Infrastructures, and its associated entities such as Janapriya Group, Raja Developers and Builders, R.K. Ramesh, Satya Sai Transport, Sri Gayathri Homes, Siva Sai Constructions in the city a few days ago.
During the probe, the ED found that Jayathri Infrastructures had committed a crime by non-delivery of flats, and by diverting funds through multiple entities in the absence of genuine business relationships. Several of these entities were found operating from fictitious or residential premises and acted as conduits to route investor funds through non-genuine transactions, facilitating concealment and layering of proceeds of crime.
Srinivas was earlier arrested by the Hyderabad police. He flew to Chennai after he was released on bail. On a tip off, the ED arrested him in Chennai and brought him back to Hyderabad.