I was able to achieve the desired functionality. Please try following my steps:
1. Created a new role
2. Created a new user, who will not be able to see Lists module
3. Administration -> Permissions, selected my role and checked all Allow checkboxes
4. Lists -> Permissions, selected my role, and checked Deny View
5. On every other [Module]->Permissions screen, I checked Allow View
This caused my role users to see everything but the List module.
the Telerik team
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