GSR Infra cheats public in the name of building villas and apartments in Kollur.
Collects Rs 60 crore from several people.
Another pre-launch fraud has come to light in Hyderabad. The scammers promised to build villas and apartments at a low price and collected nearly Rs 60 crore in advance from several people. Despite the passage of years, there has been no progress on the project, and the victims, realising they had been defrauded, sought help from the police. As a result, the Managing Director of the company was arrested and remanded.
Guntupalli Srinivasa Rao from GSR Infra, along with Chadalavada Srinivasa Rao and Vemavarapu Satyasilpa, started a real estate firm named GSR Infra Group two years ago. They advertised heavily with brochures claiming to build villas and apartments in Kollur. They attracted people with a pre-launch scheme offering these properties at a low price. Subsequently, they collected around Rs 60 crore from 32 individuals. They promised to complete the project within three years or, failing that, return the money with 24 per cent interest. However, despite the passing of years, no work on the project has commenced. When buyers inquired about the project, they were told that the land was entangled in legal issues and that it would take some time. Even after an extended period, the project work did not start, and their requests for a refund were ignored. As a result, the victims filed a complaint with the police, leading to Srinivasa Rao’s arrest.
