Pre-launch offer scam in Hyderabad: Buyers lose Rs 300 crore to Jayatri Real Estate

Hyderabad: In a major real estate scam, hundreds of middle-class investors have reportedly been cheated out of over Rs 300 crore in total by Jayatri Real Estate Pvt. Ltd., also known as Jay Groups, which promised low-cost residential plots in Gopanpally, Hyderabad.

Victims allege that the company lured them with glitzy brochures, pre-launch offers and high-pressure marketing calls, promising prime plots at discounted prices. Investors were shown a luxurious corporate office in HB Colony 6th Phase, staffed with over 100 employees, to reinforce the illusion of legitimacy.

The land didn’t even belong to the company

According to complaints, the company claimed plots would be handed over within two years. Individual investments ranged from Rs 20 lakh to Rs 1.8 crore. However, after the promised period lapsed, investors say they were met with repeated delays and excuses.

Shockingly, when some victims visited the project site, they discovered that the land belonged to an entirely different company, confirming their worst fears of being defrauded.

Accused was out on bail, has a record of such scams

The main accused, Kakarla Srinivas, reportedly founded Jayatri Group in February 2021 along with 19 other directors. Their first venture, Hilton Jaya Diamond, was launched with significant fanfare. Srinivas and a few others were arrested but are currently out on bail. Sources also allege that the same group had previously pulled off a similar scam in Rajahmundry.

Victims demand government action

Speaking to media persons, the victims, including Varma Kumar, Murthy, Prasad, Ganesh and others, expressed their anguish. They revealed that despite lodging complaints with the police, the Enforcement Directorate (ED), and the Human Rights Commission, no concrete action has been taken.

They urged the governments of both Telangana and Andhra Pradesh to intervene, arrest the accused, seize their assets, and ensure that justice is delivered. “We come from middle-class families. Every rupee we invested was hard-earned. We demand swift action before more families fall prey to such scams,” said one of the affected buyers.

With victims now uniting and raising their voices publicly, pressure is mounting on authorities to act decisively. Legal experts suggest that affected parties pursue both civil and criminal remedies while coordinating through a registered victims’ association.