No matter how many laws are brought for transparency in the real estate sector, frauds do not end. Recently, another pre-launch fraud has come to light in Hyderabad. In the name of pre-launch offer, GSR Infra company collected more than Rs.100 crore from people and cheated them. After realizing that they have been cheated, the victims protested in front of the CCS office. The victims said that MD Srinivasa Rao’s firm had collected crores of rupees from middle class people and software employees in the name of investments by advertising that there were huge ventures in Kollur, Mokila, Abdullahpurmet and Yadadri areas.
They said that money has been collected from 2020. MD Srinivasa Rao is running away without completing the project even after three years. It is stated that they have collected almost Rs.100 crore from hundreds of people. Srinivas Rao, who had promised to pay back the money since the last three months, was not seen for two months and the victims complained to the Hyderabad CCS police.
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