How Hyderabad-based Jayathri Infra cheated buyers of Rs 60 Cr by not delivering flats
The money generated by Jayathri by non-delivery of flats was diverted and layered through multiple entities in the absence of genuine business relationships.
By - Newsmeter Network
Hyderabad: City-based Jayathri Infrastructure India Pvt. Ltd. fraudulently collected about Rs 60 crore from homebuyers through deceptive pre-launch schemes and failed to deliver promised flats or refunds.
The main accused in this scam is Kakarla Srinivas, who is currently absconding.
What is the case about?
The money generated by Jayathri by non-delivery of flats was diverted and layered 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 POC.
Based on an FIR, the Enforcement Directorate carried out searches at the premises of Janapriya Group, Raja Developers & Builders, RK Ramesh, Satya Sai Transport, Sri Gayathri Homes and Siva Sai Construction.
Plan to sell plots to third parties illegally
Searches conducted under Section 17 of the PMLA resulted in the seizure of digital devices and incriminating documents, as well as the freezing of bank accounts.
The seized material includes records of undelivered properties, MOUs, alienation of project lands and material revealing the utilisation and current placement of the POC. Initial scrutiny indicates coordinated collusion to misappropriate investor funds and to divert project lands to third parties without allotting units to genuine purchasers.
