The Cyberabad Economic Offences Wing (EOW) arrested the managing director of GSR Infra Group Pvt Ltd for cheating people by offering villas at a lower price in a pre-launch scheme. Guntupalli Srinivasa Rao, along with his associates Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa, were arrested following a complaint from Kartheek Motamarri of Borabanda.
Srinivasa Rao and his associates collected large sums of money from people by claiming to offer residential villas and flats at Kollur village through pre-launch offers. They attracted customers with brochures, media advertisements, and promises of low prices for villas that were supposedly going to be built at Kollur. Customers like Kartheek and 31 others deposited around Rs 60 crore into GSR Infra’s bank accounts or paid in cash.
Despite promising to complete the project and hand over the villas within three years, Srinivasa Rao and his associates failed to deliver. They claimed that legal issues were preventing progress on the project, leaving customers in the dark about the status of their investments. After their arrest, it was revealed that they had executed unregistered sale agreements with customers, promising a return of the entire amount with interest if they did not deliver on their promises.
The arrests of Srinivasa Rao and his associates took place on Wednesday.
