Vemulawada police arrest inter district fraudsters
Producing the accused before the media at Vemulawada, Superintendent of Police Akhil Mahajan explained their modus operandi of Karna Sridhar from Ramnagar of Mancherial district and Potharajula Laxman from Chegyam, Velgatoor mandal of Jagtial.
Rajanna-Sircilla: The Vemulawada police have arrested two inter-district fraudsters, who collected money from gullible people by promising a high rate of interest on their recurring deposits.
Producing the accused before the media at Vemulawada, Superintendent of Police Akhil Mahajan explained their modus operandi of Karna Sridhar from Ramnagar of Mancherial district and Potharajula Laxman from Chegyam, Velgatoor mandal of Jagtial.
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Sridhar, who formed the Ujjwala Thrift and Credit Society, a mutually aided cooperative society in the year 2000, opened branches in Bellampalli, Luxettipet, Sircilla and Vemulawada within six months. Continuing as the CEO of the society, Sridhar appointed Laxman to monitor the activities of the society. Staff were appointed to work in the branches.
Besides Rs.650 for opening a single account in the society, deposits were collected from people by promising a high rate of interest including 8.5 percent on daily savings schemes, 5 percent on gold saving schemes, 12 percent on fixed deposits and so on, with some promising doubling of the interest as well. About Rs.3 crore was thus collected from the people by opening 1,600 accounts in the society, the SP said.
Sridhar and Laxman spent the amount in real-estate, liquor and chit fund businesses in Mancherial and Nizamabad districts. The duo, who had joint accounts in multiple banks, carried out the society’s transactions through these banks. Based on the complaint lodged by Bussa Srinivas and other victims on August 22, Vemulwada police registered a case and began investigation.
The two were arrested from Vemulawada on Friday evening while they were proceeding towards Sircilla from Karimnagar on business.
A car, pamphlets, passbooks, account opening and closing forms, registrars, and three mobile phones were recovered from them. Cases were registered against Sridhar and Laxman at the Vemulwada, Bellampalli and Mancherial police stations.
