Hyderabad: KPHB police arrested Kakarla Srinivas, managing director of Jayanthri Reliabilities India Pvt Ltd, on charges of cheating public under the guise of investments to the tune of nearly Rs 20 crore.
Srinivas and his associates lured gullible people while assuring high returns for their investments in a short period. Srinivas is involved in eight similar cases in KPHB, police said
Srinivas assured ‘victims’ that they could invest in stalls at KPHB metro station. He collected Rs 10 lakh for each stall. He also said that they could invest in projects at Gopanpally taken up by the firm.
Police found that Srinivas and his associates were collecting huge money from people to buy plots and flats in his ventures at Patighanapur, Ameenpur, Chandanagar, Nizampet. Tolkatta, Sadashivpet, Shadnagar, Raidurgam, Lingamapally and Sardar Patel nagar.
When the victims approached him to know the status of their investments, he avoided them and stopped answering their calls. His associates Bolla Srinivas Rao, Munishwar and Srinivas are absconding.
