Two TDP leaders held in chit fund scam

The arrested are Adireddi Apparao and Vasu, directors of the chit fund company.

Rajahmundry: Police on Sunday arrested two Telugu Desam Party leaders in connection with Jagajjanani chit fund scam.

The arrested are Adireddi Apparao and Vasu, directors of the chit fund company.

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According to police, the family of MLA Adireddi Bhavani are running a chit fund company in Rajahmundry. However, it was found that they were collecting money from the public and cheating them, following which complaints were lodged with the CID and Assistant Registrar and Kakinada.

The Assistant Registrar noted fake accounts and irregularities in payments and provided evidence to the CID which promptly arrested the duo.

The state government has taken up inspection of chit fund companies all over Andhra Pradesh and as part of this, began screening the Jagajjanani Chits and some other chit fund companies on March 16. The Assistant Registrar who noticed the irregularities, then lodged a complaint with the CID.