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Three-year jail term for deposit fraud accused
In Short
District Judge Dr C Yamini pronounced the final judgment in five cases, registered at Robertsonpet Police Station in 2013.
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Machilipatnam: A Machilipatnam district court on Friday sentenced two accused to three years’ imprisonment in cases relating to cheating people by collecting deposits with promises of higher returns and subsequently failing to repay the money.
District Judge Dr C Yamini pronounced the final judgment in five cases, registered at Robertsonpet Police Station in 2013.
The cases were booked following complaints that deposits were collected from the public through the Machilipatnam Municipal Employees Mutually Aided Cooperative Credit Society Limited and were not repaid.
The then Robertsonpet SI GVV Satyanarayana conducted a detailed investigation, collected evidence and filed charge sheets before the court. During the trial, R Pet CI K Yesubabu supervised arrangements for producing witnesses before the court. Court Constable Balasubrahmanyam and CMS Head Constable K Lokeshwara Rao assisted in securing the attendance of witnesses. District Court Public Prosecutor Lanke Venkateswara Rao effectively argued the cases on behalf of the prosecution.
The accused were A1 Machilipatnam Municipal Employees Mutually Aided Co-operative Credit Society Limited; A2 Nali Nagabhushanam, President and Founder-Chairperson; A3 Alla Venkateswarlu (deceased); A4 Ramreddy Krishna Reddy; A5 Nali Ramakrishna, who was deleted from the case; A6 Vinnakota Venkataramaiah (deceased); and A7 Bethapudi Kotaiah (deceased).
The court imposed a fine of Rs 33.15 lakh on A1. A2 Nali Nagabhushanam and A4 Ramreddy Krishna Reddy were sentenced to three years’ imprisonment and fined Rs.1 lakh each in each case. Proceedings against A5 Nali Ramakrishna were dropped.
The convicted accused A2 and A4 will be shifted to Nellore jail. District SP V Vidyasagar Naidu congratulated the police officers and personnel involved in the investigation and prosecution of the cases.
