Hyderabad Software Engineer loses Rs 15 lakh in GSR Infra Pre-Launch Scam
HYDERABAD: Another new case has been filed against Guntupalli Srinivas Rao, Director of GSR Infra Ltd. A software engineer lost Rs 15 lakh allegedly to Srinivas Rao’s fake real estate scheme. According to the complaint, Rao took thousands of crores from buyers by offering illegal pre-launch deals and then disappeared without giving them the promised apartments, police said.
A software engineer from Manikonda said in his complaint that Guntupalli Srinivas Rao, his wife Padmaja, his son Samanth, and their partners Avinash and Vamsi Krishna were running a real estate business in Hyderabad and Secunderabad. First, they started companies called EVK Projects Pvt. Ltd., GSR Infra Ltd., and others. Then, they launched pre-launch offers for apartments at Kollur without getting the proper permission.
The accused asked the engineer to buy a flat. As a result, he agreed and booked a flat that was 1,170 square feet at Rs 3,000 per square foot, making the total cost Rs 35,10,000. He paid Rs 15,00,000 from his ICICI Bank account to the group’s Axis Bank account between February and July 2021. The group gave him a sale agreement on July 8, 2021, and promised to finish the building and give him the flat by December 2023.
Buyer allegedly discovers land ownership issue
He paid the money because he trusted their promises. However, after many visits to their office, he found out that they did not actually own the land in Kollur Village. The group had set up a fake company, took money from many buyers, kept delaying the project, turned off their phones, closed their offices, and disappeared. Now, no one knows where they are.
The engineer’s brother, who lives in Canada, also paid Rs 15,00,000 for a flat in the same project. Additionally, the engineer asked police to include his brother’s complaint in the First Information Report (FIR). Cyberabad EOW police have filed a case under the Indian Penal Code (IPC) and started an investigation.
Cyberabad police advised people to be careful with real estate pre-launch offers, check if the builder and land ownership are real before paying, and avoid deals that sound too good to be true. People should tell the police right away if they suspect a scam.
