Cyberabad Police arrest main accused in microfinance scam
Cyberabad Police arrested Ramavath Madhu, the key accused in a Rs 150 crore microfinance fraud. The case has gained attention over allegations involving a singer. Police are verifying claims and expect further developments as the investigation progresses.
Hyderabad: In a major development in the microfinance cheating case, the key suspect, Ramavath Madhu, has been arrested by the Cyberabad Police on Thursday.
According to allegations, Madhu and his associates collected nearly Rs 150 crore from victims under the guise of microfinance operations. Multiple cases had already been registered against him in Cyberabad, and he had reportedly gone into hiding after the fraud came to light.
The case has also drawn attention due to claims made by advocate S Subbarao, who alleged the involvement of popular singer Mangli and her brother. However, the facts in these allegations are still being verified by police authorities.
With Madhu now in custody, police are expected to intensify the investigation, and more details about the financial fraud and possible involvement of others may emerge.
