The problem was with the BIOS and CPU. The BIOS didn't support the 3770 CPU, so I had to change it for an older CPU and update the BIOS to latest version.
Yes! That was exactly the cause. The workers at the PC store I bought my MOBO from flashed it with latest BIOS. Computer is fine now.. Given a few random freezes here and there.. Which I am currently in the process of troubleshooting