Arrest of inter-district accused who deceived innocent people

RSD- Rajannasircilla news :

Details of the accused.
1.Karna Sridhar s/o Narayana Age: 49 Sanii Occupation: Business Residence: Ram Nagar, Manchiryala Dist.

  1. Potarajula Laxman Father’s Name: Pochaiah Age: 39 Residence: Chegyam Village, Velgatur Mandal, Jagityala District.

Details of acquisitions.

  1. TS-19-7943(TATA ZEST) Car 2. Pamphlets related to society, 3. Pass books 4. Account opening, closing forms 5. Registers related to transactions, 6. Three mobile phones.

SP said in the media conference..
In the year 2000, a person named Karna Sridhar from Ram Nagar, Manchiryala District established UJJWALA THRIFT AND CREDIT SOCIETY, MUTUALLY AIDED COOPERATIVE SOCIETY LTD in Manchiryala District. After 6 months of starting, societies were started in Bellampally, Lakshatipeta, Sircilla, Vemulawada and accounts were opened for about 1600 people in the society. Their value is approximately three crores.

This company along with Sridhar’s former student Potarajula Laxman to take care of the business transactions of this society with the intention of deceiving people Sridhar as the chairman of this society and Laxman as C.E.O to work in the society and also hired some staff and collected money from innocent people by trusting people through recurring deposits. Sridhar and Laxman used to invest in real estate, liquor and chit funds businesses in Manchiryala and Nizamabad districts for their own benefit. Similarly, they opened joint accounts in 1) ICICI 2) BANK OF BARODA 3) UNIVERSAL COOPERATIVE URBAN BANK and through them the business related to this society conducted transactions.

UJJWALA THRIFT AND CREDIT SOCIETY, MUTUALLY AIDED COOPERATIVE SOCIERY LTD. After starting the society, more than 150 people were enrolled in various schemes from the public and charged Rs. 650/- from each account holder for opening an account in the society.8.50% interest on the money saved in the Daily Savings Scheme, 5% on the money saved in the Gold Saving Scheme.On 22-08-2023 , Bussa Srinivas of Vemulawada and the victims realized that they were cheated in this society informed Vemulawada Town Police Station that this society by making pamphlets saying that 12% interest on fixed deposits and 6% fixed deposit will be doubled. On 02.09.2023 in the morning Sridhar and Laxman were coming from Karimnagar for Sircilla business, Vemulawada Town Police arrested them both at Vemulawada Nandi statue on 01.09.2023 evening and attached the car TS-19-7943 (TATA ZEST) used by them to the society which was hidden in the trunk of the car. Pahmplets, pass books, account opening and closing forms, registers related to transactions, three mobile phones were seized and interrogated and they confessed the crime and were sent to remand.

Three cases have been registered against Sridhar and Lakshman in Vemulawada Town Police Station, one case in Bellampally Town Police Station and a total of 5 cases in Manchiryala Town Police Stations.