Pre-Launch Fraudster Kakarla Srinivas Arrested

* ₹300 Crore Collected in the Name of Jayatri Infra

Pre-launch offer frauds in Hyderabad’s real estate sector appear to be unending. Several owners of construction companies accused of cheating homebuyers are landing behind bars. Most recently, the Enforcement Directorate (ED) arrested Kakarla Srinivas, Managing Director of Jayatri Infrastructures Private Limited.

The ED has taken action against him in connection with a ₹300 crore pre-launch real estate fraud case. About two months ago, after the ED registered a case against Jayatri Infrastructures, Srinivas went absconding. On Thursday, ED officials detained him in Chennai and brought him to Hyderabad.

According to the ED, Srinivas collected huge sums of money from homebuyers by offering pre-launch schemes under the guise of residential projects in Hyderabad. Allegations state that after collecting the money, he failed to deliver the promised homes, thereby cheating the buyers. The ED found that approximately ₹300 crore was collected from homebuyers and illegally diverted. Officials stated that the funds were not invested in housing projects but were instead used for other purposes. The ED clarified that Srinivas will be produced before the court shortly. Investigations are ongoing to determine whether others were also involved in the fraud.