In what has become one of the most significant real estate scams in Hyderabad, the Jayatri Real Estate Pvt. Ltd. (also known as Jay Groups) has allegedly defrauded hundreds of middle-class investors of over ₹300 crore. The company lured investors with promises of prime residential plots in Gopanpally, offering discounted rates and flashy marketing materials. However, after numerous delays and growing suspicions, it was revealed that the land Jayatri had sold was not even owned by them, leading to an investigation and arrests. Despite the scale of the fraud, many victims claim that little meaningful action has been taken by authorities so far, leading to a growing public outcry for justice.
The Jayatri Real Estate Scam: How It Unfolded
The False Promises
Jayatri Real Estate Pvt. Ltd. enticed investors with promises of lucrative residential plots in the prime locality of Gopanpally. The company showcased an impressive corporate office in HB Colony 6th Phase, staffed by over 100 employees, to project an image of credibility. The marketing campaign, complete with flashy brochures and aggressive pre-launch promotions, targeted middle-class families who were looking to invest in affordable residential plots.
Investments ranged from ₹20 lakh to ₹1.8 crore, and buyers were promised plot handovers within two years. However, as the promised date for handover passed, the investors began to face repeated delays and grew increasingly frustrated.
The Shocking Revelation
When buyers visited the site, they were horrified to discover that the land they had been promised didn’t belong to Jayatri Real Estate at all. The plot was owned by another company, confirming their worst fears that the company had been running a fraudulent scheme.
The Key Players and Arrests
The prime accused in the scam is Kakarla Srinivas, who launched Jayatri Real Estate Group in February 2021, along with 19 directors. Their first project, Hilton Jaya Diamond, was heavily promoted and attracted numerous investors. Srinivas, along with other key players, was arrested, though they have since been released on bail. There are also reports linking the accused to a similar scam that took place in Rajahmundry.
Despite arrests, the victims claim that no substantial action has been taken by authorities. Many frustrated buyers have filed complaints with the police, Enforcement Directorate, and the Human Rights Commission but have seen little progress.
Victim Testimonies: A Call for Justice
Many victims of the scam have shared their painful experiences, particularly the emotional and financial toll of losing their life savings. One victim, speaking out in frustration, stated, “We are middle-class families who invested our life savings. The government must step in, arrest the culprits, freeze their assets, and bring justice.”
With the growing pressure from the public, victims are now coming together, forming organized groups and seeking legal recourse. Legal experts are advising affected individuals to pursue both civil and criminal actions while also forming a registered victims’ association to strengthen their case.
Key Facts
| Aspect | Details |
|---|---|
| Scam Amount | ₹300 Crore |
| Company Involved | Jayatri Real Estate Pvt. Ltd. (Jay Groups) |
| Location of Fraud | Gopanpally, Hyderabad |
| Prime Accused | Kakarla Srinivas and 19 directors |
| Investments Range | ₹20 lakh to ₹1.8 crore |
| Victims’ Reaction | Growing public pressure and calls for government intervention |
| Arrests Made | Yes, but culprits currently out on bail |
| Similar Scam Locations | Rajahmundry (linked to accused) |
Expert Commentary on Legal Recourse
Legal experts suggest that victims of the scam should pursue both criminal and civil actions against Jayatri Real Estate and its directors. Forming a victims’ association could also help amplify their collective voice and provide better chances for a successful resolution. Civil suits could recover some financial losses, while criminal charges could help ensure the perpetrators face appropriate legal consequences.
Frequently Asked Questions (FAQ)
1. How much money was involved in the Jayatri Real Estate scam?
The scam involved over ₹300 crore, defrauding hundreds of middle-class investors.
2. What was promised to investors in the scam?
Investors were promised residential plots in Gopanpally at discounted rates, with handover scheduled within two years.
3. Who is the main accused in this scam?
The primary accused is Kakarla Srinivas, who founded Jayatri Real Estate in 2021, along with 19 other directors.
4. What action have authorities taken so far?
Although the prime accused have been arrested, victims claim that no significant action has been taken by the police or other authorities despite multiple complaints.
5. What steps can victims take to seek justice?
Victims are advised to pursue both civil and criminal legal action and form a registered victims’ association to strengthen their case and amplify their collective voice.