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Fraudster lured poor assuring high interest
The prime accused in the recently revealed financial fraud at Santhakaviti mandal, Tankala Sriram lured the poor by assuring 13 per cent interest, said Superintendent of Police CM Trivikrama Varma.
Srikakulam: The prime accused in the recently revealed financial fraud at Santhakaviti mandal, Tankala Sriram lured the poor by assuring 13 per cent interest, said Superintendent of Police CM Trivikrama Varma.
In a press meet held here on Monday, the SP elaborated that Sriram worked at Angel broking and Tistimany companies in Hyderabad for two months initially. With that experience, he started collection of amounts from near and dear and invested it in his own name in share market at Inditrade company branch in Visakhapatnam.
Later, he opened his own company by using same name in Rajam town in 2015 and shifted it to Thalada village in Santhakiviti mandal four months ago. Recently he winded up the company without informing to investors.
In total, 40 investors lodged complaints with Santhakaviti police against Sriram and we have registered three cases against the accused under Section 5 of AP Depositors (protection) Act and under Sections 420 and 405 of IPC for cheating and criminal breach of trust, SP explained. In these cases, Sriram was produced as accused number one and another Vavilapalli Jagadiswara Rao was produced as accused number two.
In the meanwhile, prime accused Sriram filed insolvency petition (IP) otherwise known as ‘In forma Pauperis’ before senior civil judge court at Rajam by admitting that he has indebted Rs 18 crore for 303 investors, the SP said. “We noticed two buildings, 26 acres of land in the name of Sriram and his father and investigating the case to know his other assets,” the SP said.
Th police are concentrating on role of auditors’ office staff who cooperated to Sriram for his collections, he said. Accused number two, V Jagadiswara Rao motivated people around Santhakaviti, Rajam and other mandals to invest in Sriram’s company, he added.
On the other hand Inditrade company management from its head office Mumbai circulated a press note on Sunday in Srikakulam by saying that Inditrade company is no way concerned to investments with Sriram.
