Then check whether you have - /Sitefinity/Admin/Default.aspx in the project. Can you try to access on of the modules by making a direct request to them http://host/Sitefinity/Admin/Modules.aspx?module=News
This looks like as a permission issue. Do you run the project through IIS or VS Web Server. Can you try to do it from both the instances?
All the best,
the Telerik team
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