Jaya Group MD Kakarla Srinivas Choudhary has become an expert in realty scams. He has a history of setting up more than 10 real estate companies, duping people, and getting arrested. Once out of jail, he returned to old habits as if the legal system cannot even touch him. He cheated people in Visakhapatnam and got out. Again, he cheated in Eluru, Dwaraka Tirumala and West Godavari districts. Except for registration of cases, there has been no major progress as victims are still awaiting justice and their money. After going to jail in 2016, he shifted to Hyderabad along with his family, only to repeat his crimes. Initially, he opened a new company in Qutubullahpur and as expected, he cheated hundreds of people. Cases have been registered following which money was returned to a few victims having influence and others were left in lurch. In 2018, he shifted his operations to Kukatpally.
At first he wisely took permission for three projects and made people trust him. By citing these projects, he sold out 10 projects which are physically non-existent, except on the papers. Even the land is not registered in their name or Jaya Group’s name. But he looted crores of rupees from customers by showing the false documents in the name of agreements and approvals. He appointed 50 people in key positions as directors, CEOs and managers of 20 companies, to work on his behalf. Kakarla Srinivas and his team claim that they have given an opportunity to everyone who came seeking plots for a cheaper price in Gopanpally and metro station stalls and get cheated.
Those who paid money by trusting Kakarla Srinivas got cheated, but not the directors. He gave them money to start their own businesses which are all in the realty sector. He taught them to commit similar frauds by laundering money from one company to another. Basically every director of Jaya Group started his own real estate company. Just before shutting down Jaya Group, he made these directors start their own companies and made them run the office as the face of these new real estate companies. Some of them have already sold plots in new ventures. Interestingly, these directors make promises to their customers saying that they were not like Kakarla Srinivas to cheat them and take complete responsibility for the money paid. They claim to have launched the venture after obtaining all permissions as per norms even though no approvals are obtained from HMDA, DTCP and RERA. By starting their own companies, the Jaya Group directors are expanding the business of Kakarla Srinivas. However, they are avoiding the victims and only those with influence are getting their money back, leaving many wondering aren’t these directors equally responsible for their money and why are they being spared.
Apart from them, many others have become his employees and some of them don’t even know that they are directors in certain shell companies floated by Srinivas. It is clear that Kakarla Srinivas formed a group of more than 50 people to dupe scores of gullible people seeking to own a home. All of them used lessons taught by Srinivas and cheated people to collect money from them and even make agreements, if needed, to make them believe. However, all these agreements were limited only to papers and there was no way they were implemented. Some directors of Jaya Group admit that unless the victims fight, they have no chance of getting paid. It is learnt that all the directors are in touch with Kakarla Srinivas on a regular basis. Yet, the unsolved question on everyone’s mind is who will repay and do justice to the cheated victims.
In 2011, Srinivas committed scams in Vizag and Rajahmundry. There are cases against Kakarla Srinivas in the local PS in these two cities where he operated a real estate company named Komali in Andhra Pradesh. This company is involved in cheating. In connection with these cases, Kakarla Srinivas went to jail in 2016 and came out. Notably, some of his victims who acted as agents committed suicide. In June 2020, he started operating more than 20 shell companies from the same address House No 140/141, Eminent Plaza, Sixth Phase Address in Kukatpally Housing Board Colony.
It may be noted that Kakarla Srinivas is a director, CEO or holds other crucial positions in all these companies. Apart from the above, several new companies were started by Kakarla Srinivas and companies which are still operating. However, the police clarified that there are two floors of a commercial apartment near the JNTU metro station, buildings in several areas in Kukatpally, and a few acres of land on the outskirts of the city. Apart from these 20 companies, another 20 to 50 companies are reportedly being run by Srinivas’s team of fraudsters. The police found that the relatives of Kakarla Srinivas were also involved in some companies and remaining are being operated by him through his aides which continue to thrive and deceive people. None is aware of the number of people who got cheated or going to get cheated by this organisation which is working with a mafia-like precision and looting hundreds of crores of rupees. Their target appears to be to cheat people and lead luxurious life with the latter’s money. It is high time that the Telangana police take up this case seriously and conduct a thorough investigation on the illegal transactions of the realty companies and people associated with Jaya Group. Measures should be taken to prevent people from falling prey to these cheaters.
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