Real Estate dreams shattered: Hyderabad doctor falls prey to Rs 2.7 crore scam

Hyderabad: A city-based radiologist lost Rs 2.74 crore in a real estate fraud, shattering his dreams of profiting from the metropolitan city’s booming real estate market after being deceived by a construction firm scam.

A 43-year-old radiologist from Hyderabad finds himself at the center of a fraud case. Going further into detail, the radiologist filed a complaint against Gurram Srinivas, the owner of Srinivasa Constructions & Developers, alleging an elaborate scheme that cost him a staggering Rs 2.74 crore.

According to the complainant, Gurram Srinivas, introduced to the complainant through family connections, lured him with an enticing apartment project in Koremul, Ghatkesar. Srinivas claimed to own the land and that he had obtained all the necessary permissions from the respective departments for construction. With promises of 100% returns, he allegedly convinced the doctor to invest heavily in the venture.

Construction firm promised substantial profits but failed

Over the course of several months, the complainant transferred Rs 2.74 crores to Gurram Srinivas. “Upon receiving these amounts, Srinivas executed an Agreement of Sale for the project, wherein he agreed to either return 100% profit on the deposit or deliver a flat equivalent to the deposited amount at Rs 4550 per square feet,” said the complainant.

An agreement of sale was executed, offering substantial profits or a flat equivalent to the invested amount. He even took the complainant to the proposed project site and assured to start the work at the earliest.

However, the doctor’s real estate dreams soon crumbled. Upon visiting the project site, the complainant was surprised to find no construction was undertaken. Further investigation revealed a startling truth—the land didn’t belong to Srinivas, who allegedly provided false information to conspire against him and cheat him out of his deposits.

Srinivas delayed the matter, promising to return the amount within a week, which extended for over a year, making empty promises, after being confronted with these revelations. The final blow came in August 2024 when a Rs 2 crore cheque issued by Srinivas bounced due to insufficient funds. Subsequently the doctor approached Hyderabad police. Based on the complaint, Hyderabad police booked a case and further investigation is underway.