EOW Police Busted A Case Of Cheating In Name Of Pre-Launch Offer
Hyderabad, July 18 (Maxim News): The Economic Offence Wing (EOW) Police of Cyberabad Commissionerate have busted a case of cheating in the name Pre-Launch offer scam committed by the Managing Director Guntupalli Srinivasa Rao of M/s GSR Infra Group Pvt. Ltd. and registered a case under Crime No. 19/2024 U/s 420, 406, 409 IPC of EOW PS.
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The accused Guntupalli Srinivasa Rao is the Managing Director of M/s GSR Infra Group Pvt Ltd. The accused Srinivas Rao along with his associates Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa collected huge amounts from innocent people in the guise of pre-launch offers of residential villas and flats by claiming that were proposed to be constructed at Kollur village by their company.
As per their plan, they released colorful brochures and made advertisements in the media and attracted huge prospective customers by showing that they were going to construct Villas at Kollur village and offered to sell some of the Villas in pre-launch offers at low prices.
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Thus, believing this the complainant and 31 others have deposited approximately 60 crores into the accused company bank accounts and through cash. 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 hand over the Villas within three years, otherwise, they would return the entire money with 24% interest.
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But they failed to fulfill their promise, even though they did not start construction work in Kollur village, and dragged the matter by saying that the proposed land is under legal complication.
The case is being investigated by B. Narahari, Inspector of Police, Economic Offences Wing PS, Cyberabad, under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad. (Maxim News)
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