7 scamsters land in police dragnet

7 scamsters land in police dragnet
Highlights

The Khammam Police arrested seven members who were allegedly involved in Happy Future Cooperative Society Bank HFCS scam here on Thursday

Khammam: The Khammam Police arrested seven members who were allegedly involved in Happy Future Cooperative Society Bank (HFCS) scam here on Thursday.

It is to be noted that the Director of Happy Future Cooperative Society Bank G Venkateshwar Rao, along with others, allegedly cheated the bank employees and customers by collecting huge amounts of deposits luring them of high rate of interests and job security.

Speaking to the press persons here at the Police Commissionerate, Police Commissioner Tafseer Iqbal briefed the details of the case and paraded the accused who had been arrested before the media.

He said Venkateshwar Rao, along with others, opened the HFSC Bank in June 2017 near RTC bus depot in Khammam town and after collecting huge deposits of nearly Rs7 crores from employees and customers assuring them of sanctioning loans and high rate of interests transferred all the money into his personal account.

Suspecting his movements, the employees and customers of the HFCS Bank lodged a complaint against him in Khammam Two Town police station. The police officials, after registering the case, started investigation and arrested seven persons involved in the scam.

The accused have been identified as Director of the bank G Venkateshwar Rao (34), resident of Thirumalayapalam mandal, Area Managers Gajari Ramu (28), resident of Raparthinagar, Bura Saida Rao (32), resident of Nizampet, Bhukya Nageshwara Rao (26), Kusumanchi mandal of Khammam district and Mohammad Rafi (42) and M Suresh Kumar (40), residents of Chinnekadi Veedi Selam district, B Goutham (28) Erode district of Tamil Nadu State.

The Police Commissioner said four others were absconding. The police started a manhunt to nab the persons who were absconding, said Tafseer Iqbal.

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