ED Arrests Jayatri Infrastructures MD in ₹300-Crore Pre-Launch Housing Scam
Accused Kakarla Srinivas held in Chennai, brought to Hyderabad for court production
Hyderabad: The Enforcement Directorate (ED) has arrested Kakarla Srinivas, Managing Director of Jayatri Infrastructures Private Limited, in connection with an alleged ₹300-crore pre-launch real estate scam.
ED officials arrested Srinivas in Chennai and subsequently shifted him to Hyderabad. He had reportedly gone absconding soon after the ED registered a case against him.
According to investigators, Srinivas collected large sums of money from homebuyers by offering pre-launch schemes for residential projects. However, after collecting the funds, he allegedly failed to deliver the promised houses, thereby cheating buyers.
The ED has so far identified that the accused siphoned off nearly ₹300 crore through the fraudulent pre-launch offers. The funds were allegedly diverted and misused instead of being invested in the housing projects.
ED officials said that Srinivas will be produced before a court shortly for further legal proceedings. Further investigation is underway to trace the money trail and identify other persons involved in the scam.
