Hyderabad Cops arrest 3 persons in Rs 200-cr investment scam
Hyderabad: Telangana State Cooperative Apex Bank’s general manager Nimmagadda Vanibala was arrested by Hyderabad Central Crime Station (CCS) police for embezzling `200 crore in the name of deposits. Her husband Meka Netaji and her son Meka Sriharsha were also arrested in this case.
The police said Vani Bala collected more than `200 crore from around 532 victims in the name of Sri Priyanka Enterprises.
The family persuaded victims to deposit funds with their company to earn high returns on their investments. After collecting funds from the victims, they went absconding.
Meka Nethaji initially established Sri Priyanka Finance and Chits to conduct daily finance and chit fund operations in 1985. Sriharsha, after completing his BTech, joined as the director in Sri Priyanka Enterprises and two other companies, associating with his father in all respects.
According to the police report, Vani Bala directed her fellow employees to invest in the company with a promise of 24 per cent interest. Approximately, 140 of her colleagues deposited around `26 crore.
Realising that they were cheated, the victims approached the CCB police to seek justice. The police registered a case against Priyanka Enterprises and the chit fund company and started an investigation. The accused were arrested and were sent to remand.