Hyderabad, July 18 (NSS): The EOW Police of Cyberabad Commissionerate have busted a case of cheating in the name Pre-Launch offer scam committed by the Managing director Guntupalli Srinivasa Rao of Messrs GSR Infra Group Pvt. Ltd.
Accused Guntupalli Srinivasa Rao, aged 50 years, Business man, native of Guntur was arrested on July 17.
Complainant Kartheek Motamarri of Moti Nagar, Borabanda stated that the accused Guntupalli Srinivasa Rao is the Managing Director of Messrs GSR Infra Group Pvt Ltd. The accused along with his associates Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa collected huge amounts from the innocent people in the guise of pre-launch offers of residential villas and flats by claiming which are proposed to construct at Kollur village by their company.
As per their plan, they released colourful broachers and made advertisements in media and attracted huge prospective customers by showing that they are going to construct Villas at Kollur village and offered to sell some of the Villas in pre-launch offer at low price. Believing this, the complainant and 31 others have deposited nearly Rs 60 crore into the accused company bank accounts and through cash. After taking some initial amount, the accused executed some un-registered sale agreements to the victims/customers by promising that they would complete the project and handover the Villas within three years, otherwise they will return the entire money with 24% interest. But they failed to fulfil their promise, even they did not start construction work in Kollur village and dragged the matter by saying that the subject proposed land is under legal complication.
The Cyberabad EOW Police have advised the public to beware of fraudsters and don’t fall a prey to the pre-launch offers. The cheats induce the customers in the name of low prices at pre-launch offers.
The case is being investigated by B. Narahari, Inspector, Economic Offences Wing PS, Cyberabad, under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad
