Hyderabad Real Estate Scam: Jayatri Group Accused of Cheating Investors Out of ₹300 Crore
A major real estate scam in Hyderabad has left hundreds of investors defrauded of over ₹300 crore. The accused lured buyers with fake offers on residential plots in Gopanpally, sparking demands for government action.
A major real estate scam in Hyderabad has left hundreds of investors defrauded of over ₹300 crore. The accused lured buyers with fake offers on residential plots in Gopanpally, sparking demands for government action.
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Hyderabad: In what is being called one of the biggest real estate scams in recent times, Jayatri Real Estate Pvt. Ltd., also known as Jay Groups, has allegedly defrauded hundreds of middle-class investors of over ₹300 crore. The company promised low-cost residential plots in Gopanpally, Hyderabad, luring buyers with glossy brochures and flashy pre-launch offers.
Luxurious Office Setup Used to Mislead Buyers
Victims claim they were taken in by the company’s elaborate façade, which included a lavishly designed corporate office in HB Colony 6th Phase, employing more than 100 staff members. Aggressive sales tactics, including high-pressure calls and time-bound “discounts,” were used to push investors into parting with large sums ranging between ₹20 lakh to ₹1.8 crore.
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Shocking Revelation: Land Didn’t Belong to Jayatri
After waiting for the promised two-year handover, buyers began investigating the project site, only to learn that the land did not even belong to Jayatri Real Estate. This discovery confirmed suspicions that they had been the victims of a massive fraud.
Accused Has History of Real Estate Fraud
The mastermind, Kakarla Srinivas, who co-founded Jayatri in February 2021 along with 19 directors, is reported to have a history of similar scams, including a previous fraud in Rajahmundry. Although Srinivas and a few associates were arrested, they are currently out on bail, raising concerns about the possibility of repeated offenses.
Victims Demand Swift Government Action
Speaking to the media, victims such as Varma Kumar, Murthy, Prasad, and Ganesh expressed deep frustration over the lack of progress despite filing complaints with the police, Enforcement Directorate (ED), and Human Rights Commission.
“We invested our life savings. The government must seize their assets and deliver justice,” said one victim.
Legal Experts Urge Coordinated Action
With no tangible relief in sight, legal experts recommend that victims form a registered association and pursue civil and criminal legal action together. The mounting public outcry is expected to pressure authorities in Telangana and Andhra Pradesh to act decisively in the coming days.
