Telangana: Rs.300 Crore Realty Scam Hits Buyers

Hyderabad: Hundreds of middle-class families have been defrauded in a massive real estate scam exceeding Rs.300 crore, allegedly orchestrated by Kakarla Srinivas and his company named Jaya Group. The victims, many of whom invested their life savings in the hope of securing affordable flats and plots, are now left without homes or refunds.

“We invested everything we had. We trusted his promises and now we are left with nothing. We urge the Chief Minister to intervene and punish those who cheated us,” said one of the affected buyers.

Srinivas was arrested in January 2023 in crime number 647/2023 but was later released on bail. Victims said he had promised to return the money but subsequently went absconding. Several buyers also claimed that Srinivas had committed similar frauds in Rajahmundry in the past.

In many instances, the same piece of land was allegedly sold to multiple buyers—sometimes to as many as ten individuals. “When buyers demanded refunds, some were issued cheques that later bounced,” said a victim who requested anonymity.

Ashok Kumar, another victim, said, “They offered plots and flats at low prices, which gave us hope. We handed over our savings, but after taking the money, they kept delaying and then vanished. We request the government to help us recover our money and punish those responsible.” Most victims reportedly invested between Rs.10 lakh and Rs.20 lakh each.

Despite being promised swift handovers, they received neither possession nor reimbursement. Complaints have been filed with the police and investigations are underway in crime number 647/2023. The victims are now urging authorities to take strict action against the accused and ensure justice.