VISAKHAPATNAM: Police have booked an Assistant Sub-Inspector for allegedly running an illegal deposit scheme and cheating four subordinate constables of about Rs 15.30 lakh at Gajuwaka Traffic Police Station.
As per the FIR, Assistant Sub-Inspector M Raju allegedly used his position to induce junior colleagues to invest money with him between June and August 2023, promising high monthly returns. Police Constable Peddinti Sanyasi Naidu (32), who lodged the complaint, stated that the ASI developed close relations with subordinates and collected deposits by assuring fixed returns.
Gajuwaka Inspector Pardha Saradhi registered the case and said an investigation is on. As per the FIR, the accused initially paid returns of about Rs 10,000 per lakh for nearly two months to gain trust but later defaulted, citing losses in the share market and cryptocurrency trading. The ASI allegedly threatened the victims when they demanded repayment.
Police registered the case under the BNS and Sections 21(1), 21(2), 21(3) and 23 of the Telangana Banning of Unfair and Unethical Deposit and Bidding Schemes Act.