A couple had saved Rs 50 lakh for their daughter’s wedding, but invested the amount in Jaya Group, believing the lies told by a director. Only after all the money was handed over to the company, they grew suspicious about it. They could do nothing, but wait and pray further best. However, it didn’t take long for their suspicions to prove true. Left with no option, they are now running around the police stations and the government offices concerned requesting the latter to recover their money to perform their daughter’s wedding.
A retired government employee took all his retirement benefits and invested them in Kakarla Srinivas’s Jaya Group. He was only hoping to own a home after his retirement at a lower price. But his dreams have just shattered. Unable to decide what to do, where to go and how to lead his family, he is now worried. What is the use of approaching the police or the company’s office everyday? If the government stopped such pre launch companies from operating, we would not have been cheated, he said.
Similarly, a techie working in a prominent IT company in Gachibowli took a loan from his relative and friends and invested about Rs 1.5 crore in Jaya Group after he was promised monthly interest till it was handed over. Even as he was about to receive the interest, the police arrested the company MD and gave a severe shock to him.
Not just one or two, but more than 200 ordinary, middle-class, IT employees and others believed the tricks of Kakarla’s gang and paid money. Now, they are spending sleepless nights as they are unable to figure out how to recover their amount. If there is one thing that is bothering them, it is who will take up the responsibility and ensure justice to them. Jaya Group has committed a scam worth Rs 300 crore and how to recover the amount, remains a major challenge. Surprisingly, the victims do not know anything about the company or its directors except for the office address.
Jaya Group alias Jaya Infra – this company was born out of KS Properties, a company with Kakarla Srinivas as its MD and a long history of such frauds. The police confirmed that Kakarla Srinivas had confessed during the investigation that before KS Properties, he committed similar offences in Bhimadolu village of Dwarka Tirumala mandal in West Godavari district of Andhra Pradesh. The scams that started in Bhimadolu eventually spread to Hyderabad. He has similar modus operandi – give the same assurance to all, collect crores of rupees and shut the shop. However, the only change is that he is now making his directors make these promises and dupe the customers. However, the victims suspect that those who looted their money have already escaped and the directors were being made to do all the talking to deal with buyers, officials and the police.
It can be safely assumed that Kakarla Srinivas alone was involved in committing such a big fraud and escape with such a large amount of money. So, who is running the entire operation and hiding in the shadows by making Srinivas the face of the entire scam? Where is the money stored? How much amount has exchanged hands, to keep Kakarla Srinivas safe? There are hundreds of such questions which are yet to be answered. It is unknown where the directors who led the entire operations escaped after collecting money? “Pay the money, we are here. We are the guarantee for your money. If you want, let’s make an agreement now. Pay all the money,” is what they told the consumers and are nowhere to be seen now. At least a dozen directors in the company along with Kakarla Srinivas have, committed fraud. It must be noted that half of the directors are relatives of Kakarla Srinivas.
The marketing executives and managers at higher positions in a company, get a monthly salary of Rs 50,000-60,000. However, Rajesh had nothing short of luck that he joined Kakarla Srinivas and lured gullible buyers to invest in the ‘proposed’ projects of Kakarla Srinivas. As a result, he got a house worth Rs 1.5-2 crores as well as luxury car and gold. Rajesh didn’t hesitate to dupe people and get rich. Moreover, he was confident that his boss Kakarla will take care of everything and became an active part of the scam. He made false promises to people before the company MD was arrested, and continues to make these false promises today as well. Or should we say his boss Kakarla Srinivas is making him to speak these lies as he is now responsible to talk to victims and pass information to his boss.
Along with Rajesh, Dora Babu too is also assisting him. They are now constantly passing the information to other directors about the victims and their action plan. Further, they also continue to cheat the victims and make false promises under the guidence of their boss Kakarla Srinivas.
Jaya Group has a total of a dozen directors. All of them made money from the scam. As the company was likely to shutdown, a couple of them left the company and started their own ventures. Not so surprisingly, none of them have permissions and similar scams are being executed. People invested in the properties of Jaya Group, believing the false promise by the company directors. Most of them have don’t know Kakarla Srinivas and did not even meet him. All those who paid money for plot, villa and metro stalls believed the lies of the directors. Though the company MD has been arrested, all these directors are roaming freely and continuing to dupe others in the company’s name, but evading the victims to whom they gave guarantee of handing over their property. And the victims are left wondering when and who will serve justice to them.
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