KURNOOL: The Andhra Pradesh government has initiated stringent action against the Shreya Group, accused of defrauding thousands in the undivided Kurnool district through fraudulent investment schemes.
Operating as Shreya Infra Marketing, the company allegedly lured investors with promises of unusually high returns. Official sources said the firm introduced schemes titled PPB, GIP, and VIP, attracting 8,128 depositors and collecting about Rs 206 crore.
Following complaints, the government ordered a case and entrusted the investigation to the CID. Permission has been granted to seize assets belonging to the group and its promoters, Hemant Kumar Rai and Sangeeta Rai. As part of the process, 51.55 acres of land in Parumanchala village, Jupadu Bungalow mandal, will be attached.
Authorities revealed several properties were purchased in different locations using funds obtained through the alleged fraud. The Shreya Group has been named Accused No.1, Hemant Kumar Rai as Accused No.2, and Sangeeta Rai as Accused No.3. The government directed the DGP to ensure swift investigation and recovery of victims’ money.