Hyderabad: Cops arrest GSR Infra Group MD for duping people

Hyderabad: The Cyberabad Economic Offences Wing (EOW) arrested the managing director of GSR Infra Group Pvt Ltd for duping people on the pretext of selling villas at a lower price under the guise of a pre-launch offer.

The police arrested Guntupalli Srinivasa Rao (50), a native of Guntur, Andhra Pradesh, with his associates Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa. According to the police, following the complaint from Kartheek Motamarri of Borabanda, the police registered a case and investigated.

The police said that Srinivasa Rao and his associates Chadalawada and Shilpa collected huge amounts from the people in the guise of pre-launch offers of residential villas and flats, claiming that they were proposed to be constructed at Kollur village by GSR Infra Group. As per their plan, they released colourful brochures, made advertisements in the media, and attracted huge prospective customers by showing that they were going to construct villas at Kollur and offering to sell some of the villas in a pre-launch offer at a low price.

“Believing this, Kartheek and 31 others deposited approximately Rs 60 crore in the GSR Infra bank accounts and some through cash,” said DCP (EOW), K Prasad.

After taking the initial amount, Srinivasa executed some unregistered sale agreements with the customers by promising that they would complete the project and handover the villas within three years, or they would return the entire amount with 24 per cent interest. But they failed to fulfil their promise and dragged the matter along by saying that the subject proposed land is under legal complication.

Srinivasa Rao and his associates were arrested on Wednesday.