Real estate dreams shattered: Hyderabad doctor involved in Rs 2.7 crore scam

Hyderabad: A city-based radiologist was involved in a real estate fraud of Rs. 2.74 crores, duped by a construction company scam that dashed his dreams of profiting from the metropolitan city’s booming real estate market.

A 43-year-old radiologist from Hyderabad was at the center of the fraud case. Going further into the details, Gurram Srinivas, owner of radiologist Srinivasa Constructions & Developers, was accused of a vast scheme of Rs. Complained that 2.74 crores were spent.

According to the complainant, Gurram Srinivas, who was known to the complainant through family connections, lured him for an apartment project in Koremul, Ghatkesar. Srinivas claimed that the land belongs to them and they have obtained all the necessary permissions from the respective departments. With promises of 100% returns, he convinces the doctor to invest heavily in the venture.

The construction company promised substantial profits but failed

Within a few months the complainant transferred Rs.2.74 crores to Gurram Srinivas. “After receiving these amounts, Srinivas executed a sale agreement for the project in which he agreed to return 100% profit on the deposit or deliver a flat equal to the amount deposited at Rs 4550 per sq ft,” the complainant said.

A contract of sale is executed offering substantial profits or a flat equivalent to the amount invested. He took the complainant to the proposed project site and promised to start the work as soon as possible.

However, the doctor’s real estate dreams soon came crashing down. The complainant, who visited the project site, expressed surprise that no construction had been undertaken. Further investigation revealed a shocking truth—the land did not belong to Srinivas, who had misinformed the conspiracy against him and cheated him out of his deposits.

As these things came to light, Srinivas delayed the matter by making short promises and promising to return the amount extended over a year within a week. Srinivas issued in August 2024 Rs. 2 crore check bounced due to insufficient funds and the final blow was dealt. With this, the doctor approached the Hyderabad police. Based on the complaint, the Hyderabad police have registered a case and are investigating further.