Hyderabad, June 1 (Maxim News): Another huge fraud has come to light in Hyderabad. The police have sent a fraudster who was targeting innocent people behind bars. The director of the company, Kakarla Srinivas, who had collected crores from innocent people in the name of jayatri Infrastructures (jaya Group), has been arrested by the police. The police said that the accused had duped about 350 people in the name of real estate business. It was revealed that crores were collected from the victims in the name of ventures, resorts, apartments and metro station rentals stalls.
They said that they had also signed contracts to convince the lenders and had collected the money as per the scheme. They found that they had set up 16 shel companies and were involved in the collection.
Police said that Kakarla Sriivas had convinced them by promising to pay 30 percent interest on Rs. 10 lakhs. Later, he threatened the victims. Based on their complaint, the KPHB police said that a case has been registered against kakarla Sriivas and he has been arrested. They revealed that the accused has been detained and is being investigated.
Police said that Kakarla Srinivas had committed real estate fraud in the past under the name of Jayatri Infrastructure (Jaya Groups). It was revealed that in 2023, he had collected Rs. 20 crore from hundreds of people in the same way. To this end, it was said that the victims reached the jaya Group office in KPHB Phase 6 and staged a large-scale dharna. Later, it was said that he was arrested based on their complaint. However, it was only then that they realized that he had opened an office in Hyderabad under the name of KS Infra and had given pre-launch contracts to many people.
Arrested in this case, kakarla Srinivas, who was released, said that he later formed another company called jaya Private Limited. After that, it was revealed that he had hired telecallers under the name Jaya Infra and committed fraud with the aim of trapping innocent people.
He said that he had collected money in the name of pre-launch of huge projects and committed fraud. Even after coming out of jail, he again committed the same type of fraud, this time duping 350 people at once, the police revealed. (Maxim News)
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