Another Finance Firm Does the Vanishing Act

Published: 08th September 2014 06:00 AM  |   Last Updated: 08th September 2014 04:36 AM   |  A+A-

RAJAHMUNDRY: Now, it is the turn of Suvarna India Infra of Razole in East Godavari distrct, which has cheated its depositors to a tune of Rs 8 crore. The police registered a case against its managing director P Venu, who belongs to Razole.

According to police, P Venu has been running the company for three years now, with Razole as its headquarters. He offered Rs 20,000 interest for Rs 1 lakh deposit. With this, thousands of people were attracted to the offer and deposited amounts.

The company has 15,000 depositors and 1,000 staff across the state.

Though the deposits matured by January this year, the company has not repaid the amount to the depositors and managing director Venu has not been available from January this year.

Meanwhile, Razole branch manager convened a meeting with agents at his house in Razole Sunday and assured that the depositors will get back their money. Knowing. about the meeting the depositors raided his house and took him to task.

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