Hyderabad: The Kukatpally police arrested the managing director of Jayanti Infrastructure, a real estate agency for allegedly duping people of Rs 20 crore over making profits in the marketing business.
According to the police, Kakarla Srinivas, 44, had promised Ravi Sreekanth, 37, from Jeedimetla, and five of his friends to raise profit by investing in the store business at the metro stations.
However, Ravi Sreekanth approached the police in December last year, complaining that Srinivas cheated them.
“Srinivas and his associates primarily targeted middle-class individuals with promises of low-priced plots and ventures at various locations such as Patighanapur, Ameenpur, Chandanagar, Nizampet, Tolkatta, Sadashivpet, Shadnagar, Raidurgam, Lingampally, and Sardar Patel Nagar,” said police.
They collected over Rs 20 crore from gullible investors by making false promises and misrepresentations.
Police finally arrested Srinivas late on Wednesday night while his associates are still on the run.
Eight other cases have reportedly been registered against Srinivas at the same police station accusing him of cheating a number of investors.
Police reportedly said that many other investors who invested lakhs of rupees believing Srinivas are coming forward to file complaints against him.
Police officials have also urged people who may have been a victim of such serious fraud to come forward and register their complains.
Cops have further assured of investigating their claims and taking necessary action against the accused.
Follow on Twitter | Posted by Masrath Fatima | 
