Hyderabad: GSR Infra Group’s directors arrested for duping people of pre-launch offer

Guntupalli Srinivasa Rao, Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa, started GSR Infra Group Limited and collected huge amount from public in the guise of pre-launch offers for flats and villas.

Hyderabad: The Directors of GSR Infra Group Private Limited have been arrested by the Cyberabad police on Thursday over allegations of duping several persons on the pretext of selling villas at lower price as part of a pre-launch offer.

Guntupalli Srinivasa Rao (50), a resident of Guntur along with two others Chadalawada Srinivasa Rao and Vemavarapu Sathya Shilpa, started GSR Infra Group Limited and collected huge amount from public in the guise of pre-launch offers for flats and villas.

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The trio showed a land parcel at Kollur as the project site to customers and assured of returning the money with 24 per cent interest if they fail to provide the property within three years.

“Around 32 people paid them close to Rs. 60 crores. However, Srinivasa Rao after collecting money from them is postponing the project by claiming that the land is under legal complications,” said DCP (EOW), K Prasad.