Government to Attach KR Institutions' Properties

Published: 18th February 2016 05:00 AM  |   Last Updated: 18th February 2016 05:00 AM   |  A+A-

HYDERABAD:  In order to safeguard the interests of depositors, the state government has issued orders to attach the properties of Keshava Reddy Educational institutions and societies, which runs 40 schools in AP and Telangana states, for allegedly collecting a total of `570 crore as deposits from parents of students studying in these institutions and not redeeming them.

According to a GO issued here on Wednesday, during the earlier searches conducted by CID, it was found that the educational group had `80 crore worth properties in AP and about `24 crore worth in Telangana. As per the order all properties would be attached. The government on Wednesday authorised the ADGP of the Crime Investigation Department as competent authority to file an affidavit in the respective court to make the present orders absolute for attachment of properties. According to the GO, chairman of Keshava Reddy Educational Institutions Nagireddy Keshava Reddy had earlier collected refundable deposits ranging from `1 lakh to `3 lakh from individuals on the condition that their children could study in any of his schools without paying fee until they passed the 10th standard.

Keshava Reddy had given 11,000 such depositors and 800 other individuals signed promissory notes pledging to pay a monthly interest. As he failed to refund the deposits last year, parents of the students  lodged complaints with the police, some days ago.

Later, Keshava Reddy was arrested by the Kurnool Central Crime Station (CCS) under Sections 420, 403, 109 and 149 of the Indian Penal Code and Section 5 of the AP Protection of Depositors and Financial Establishment Act, 1999, in connection with three cases booked in Nandyal and two in Panyam in Kurnool district.

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