GSR Infra MD Srinivasa Rao’s criminal legacy: From pre-launch scams to embezzlement revealed
Hyderabad: Guntupalli Srinivasa Rao, prime accused in high profile GSR group pre launch fraud is not new to controversy. He was accused of as many as half a dozen cases in Hyderabad and Cyberabad commissionerate limits. His list of dossiers of crimes include pre launch offers, usurping a company, investment frauds, real estate scams, embezzlement of funds and cheating. The law enforcement officials who are delving deep into the scams of Srinivasa Rao have a gargantuan task ahead of them.
One of the prominent cases which came to light recently illustrates how Guntupalli Srinivasa Rao built his financial scam network, setting the stage for his later criminal endeavors. Rao along with his wife Guntupalli Padmaja and his two children were booked by Narsingi police of Cyberabad commissionerate. Rao and his family allegedly engaged in criminal conspiracy to seize the control of EVK Projects Private Limited by illegal means. Rao approached the firm as a specialist in marketing real estate firms and entered into an agreement with EVK Projects Private Limited claiming to market their projects. As the proprietors of the firm – Eadara Vamsi Krishna Chowdary and Eadara Ramakrishna Chowdary were occupied with other business- the accused family tried to usurp the real estate arm of the firm.
Further the accused created fake documents and have siphoned off the Company’s funds as also usurped the properties owned by the company, located in Kollur, Pedda Amberpet, and other places. After timely interventions of the complainant the transfer of the firm was halted and a case was registered by the police.
Using the name of EVK projects Rao allegedly lured investors to invest and duped them. Even NRI fell into the trap of Srinivasa Rao, he duped an NRI senior citizen couple to a tune of 5.8 crores. Rao lured the couple with high returns in investments. The couple believing the same gave Rs 2 crores loan provided in February 2020 to EVK Projects. And another Rs 82 lakhs hand loan for investment in 50 acres of land in Mancherial with the assurance of 50% share. Further Rs 3 crores invested on 60 acres of land in Mominpet where fake agreements were shown. And investment of several crores made in projects in Kollur, Medchal and Kollur Vision City with assurances of 50% partnership. In all of these cases Rao cheated the couple to a tune of over Rs 5.82 crores.
In an investment scam promising high returns, a case was registered at Ramachandrapuram police, another NRI was cheated by Rao.Rao who was then associated with EVK company lured investors with the assurance of double returns if invested in EVK company. Falling for the scam, an NRI named K. Kiran Kumar invested 50 lakhs and subsequently got cheated by Rao.
In a real estate fraud, a case registered at Jubilee hills, Rao cheated a businessman to a tune of Rs 47 lakhs under the pretext of selling an open plot in Thukkuguda Municipality which allegedly he doesn’t even have the right to sell. Further Rao cheated a victim who invested around Rs 1.20 crores in the farm lands projects of Narayanked, a case was registered at the same police station.
In one such villa scam, victims Raghavendar and T. Anil Kumar, who were looking for residential properties, found an online advertisement in social media from EVK Projects Pvt. Ltd. They visited the company’s office located in Jubilee Hills where the Managing Director, Guntupalli Srinivasa Rao, showed them a site for residential villas termed the project as ‘EVK – Shri Shilpa’ at Shankarpally. As they liked the site and offer price the complainants booked two villas, paying a total of Rs 1.4 crores ( Rs. 70 lakhs each), and signed a Memorandum of Agreement between the complainant and M/s.EVK projects pvt Ltd. represented by its Managing Director Guntupalli Srinivasa Rao.
Later, when Raghavendar and Anil went to Mokila village on the occasion of a family function, and made a visit to the project site, they discovered that the project “EVK Shri Shilpa” didn’t even exist. Subsequently they approached Hyderabad police and lodged a complaint. The CCS registered a case and started an investigation.
In the present case in which Guntupalli Srinivasa Rao was arrested, Rao lured around 31 potential villa buyers to deposit 60 crores luring with the M/s GSR Infra Group Pvt Ltd pre-launch offer at low price villas. After taking some initial amount the accused executed some Unregistered sale agreements to the victims/customers by promising that they would complete the project and handover the Villas within three years. However failed to adhere to the agreement and was arrested by the police.
