Hyderabad Real Estate Scam: Over Rs 300 Crore Lost by Middle-Class Investors

Hyderabad: In a shocking real estate fraud case, hundreds of middle-class investors have reportedly been duped of more than Rs 300 crore by Jayatri Real Estate Pvt. Ltd., also known as Jay Groups. The company had promised affordable residential plots in Gopanpally, Hyderabad, attracting investors with flashy brochures, attractive pre-launch offers, and persistent marketing calls.

To build trust, Jayatri Real Estate showcased a luxurious corporate office in HB Colony 6th Phase, employing over 100 staff members, creating a façade of credibility. However, investigations revealed that the company did not even own the land they were selling.

Investors, who invested between Rs 20 lakh and Rs 1.8 crore, were assured that the plots would be handed over within two years. But after this period elapsed, they faced continuous delays and evasive responses. When some buyers visited the site, they discovered the land belonged to a different company, confirming the scam.

The main accused, Kakarla Srinivas, founded Jayatri Group in February 2021 along with 19 other directors. Their first project, Hilton Jaya Diamond, was launched with much fanfare. Srinivas and others were arrested earlier but have been released on bail. Reports indicate that the same group had orchestrated a similar fraud in Rajahmundry.

Victims including Varma Kumar, Murthy, Prasad, and Ganesh have expressed their frustration over the lack of progress despite complaints filed with the police, Enforcement Directorate (ED), and Human Rights Commission. They have urged the Telangana and Andhra Pradesh governments to take swift action, arrest the accused, seize their assets, and deliver justice.

“We are from middle-class families and every rupee invested was hard-earned. We demand immediate government intervention to prevent more families from falling victim,” said one affected investor.

With the victims uniting to raise their voices, pressure is growing on authorities to act decisively. Legal experts advise affected parties to pursue both civil and criminal cases and coordinate their efforts through a registered victims’ association.