GSR Infra MD held for cheating people in the name of pre-launch offer

Hyderabad: The Economic Offences Wing (EOW) police of the Cyberabad Commissionerate have arrested the managing director of a real estate firm who has allegedly cheated people in the guise of a pre-launch offer.

As per the complaint, the firm has taken Rs 60 crores from more than 30 persons.

The accused has been identified as Guntupalli Srinivasa Rao (50) of GSR Infra Group Pvt. Ltd. The accused is a native of Guntur, Andhra Pradesh.

A huge media campaign launched the scheme

According to police records, Srinivas Rao along with his associates Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa collected huge amounts from people in the guise of pre-launch offers for constructing residential villas and flats in Kollur village.

As per their plan, they released colourful broachers, made advertisements in the media and attracted huge prospective customers by showing that they were going to construct villas at Kollur village and offered to sell some of the villas in pre-launch offer at a low price.

Accused promised villas within three years; blamed legal complications for delay

Believing the hype behind the flashy advertisements, the complainant and 31 others deposited approximately Rs 60 crores into the accused company bank accounts and paid by cash too.

After receiving the advance, the accused executed unregistered sale agreements to the victims/customers by promising they would complete the project and hand over the villas within three years or return the entire money with 24 per cent interest.

But they failed to fulfil their promise. The complainant said that the firm did not even start the construction work in Kollur village and delayed the work by saying that the proposed land was under legal complications.

A case has been registered under sections 420, 406 and 409 IPC of EOW PS, Cyberabad.

Public advisory

The Cyberabad EOW police advised the public to be aware of fraudsters and not fall prey to the pre-launch offers.

They said that the cheaters would entice customers in the name of low prices in pre-launch offers. The general public is hereby instructed to not commit to purchasing any property without proper enquiry. The EOW department said that it is committed to prosecuting fraudsters and cheaters and ensuring justice for victims.