Prime accused, four benamis held in Srikakulam trading firm fraud 

138 depositors have lodged complaints so far claiming they deposited around Rs10.06 crore.

Published: 24th November 2017 01:54 AM  |   Last Updated: 24th November 2017 10:06 AM   |  A+A-

By Express News Service

SRIKAKULAM: Police on Thursday arrested Tankala Sreeram, the owner of a local trading company on charges of duping hundreds of depositors by promising them higher rates of interest. Police also arrested four people including government a school teacher who not only helped Sreeram luring the depositors but also were acting as his benamis too.

Tankala Sreeram, after working a for a while in several broking houses in Hyderabad and Vizag, launched his company in Rajam town by taking an individual franchise of a Kerala-based company Indi Trade Capital Limited in 2015 and shifted it to Talada village in Santhakiviti mandal four months ago.
The depositors started approaching police after finding that Sreeram, along with his family members, had fled and his office locked. 

“The police began the investigation based on the complaint lodged by the kin of Dasari Kannam Naidu, a depositor from  Sankaruni Agraharam, who reportedly died of cardiac arrest after the fraud came to light.  Finally, Sreeram and his benamis were nabbed,”  said SP CM Trivikiram Varma, while producing the accused before the media here on Thursday.  The other accused are Vavilapalli Jagadeeswara Rao, a government school teacher from Mandarada, Narayanasetti Chandra Sekhar, a merchant from Santakaviti, Burada Seetaram from Modugulapeta, Gade Ramulu from Mukundapuram and Yedla Janardhana Rao, a resident of Mandarada.

“As many as 138 depositors have lodged complaints at Santakaviti police station so far, claiming that they had deposited around `10.06 crore with the company. Vavilapalli Jagadeesh had made his teacher colleagues invest in the company for which Sreeram offered him `2 crores and registered 14 acres in his name.  The teacher had made 25 teachers and 30 others to deposit money in the company,” the SP said.  

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp