VISAKHAPATNAM: The Visakhapatnam City Police have uncovered a major financial fraud involving Sneha Mutually Aided Co-operative Society Limited (MACS) and several associated benami firms, which allegedly collected crores in public deposits by promising unusually high returns and diverted the funds for personal and commercial use.
Addressing the media at the Police Conference Hall on Friday, Deputy Commissioner of Police (DCP) (Law & Order) Manikanta Chandolu said multiple FIRs have been registered at Duvvada, Dwaraka, Gopalapatnam and II Town police stations based on separate complaints filed by affected depositors.According to the DCP, the management of Sneha MACS attracted deposits by invoking Dr BR Ambedkar’s ideology and operating under the slogan ‘Pay Back to Society’.
“A majority of the victims are from SC communities and middle-class families who had invested their savings believing the society’s claims. Police enquiries revealed that the management circulated misleading assurances, projected the society as a social cause-driven entity, and lured the public with abnormally high interest rates,” he stated.
The investigation found that depositor funds were diverted to the personal accounts of directors, benami companies, and other associated entities, including Sneha MACS branches in Hyderabad and Ponnur, Sneha TV, United Publications, Prudhvi Constructions, and Sneha Priya Financial Services.
DCP Manikanta said that approximately Rs 56.10 crore has been identified as recoverable or diverted amounts. Sneha MACS has around 2,504 depositors, and the pending deposits payable are estimated at Rs 55.10 crore.
Several directors, staff members, and benami operators have been arrested. Look Out Circular (LOC) proposals have been sent against key accused, including Sneha MACS president Katikala Swarna Latha, CEO/Director A Punnarao, Director Gummadi Manoranjan, and others who are yet to be apprehended.
The police also identified multiple properties allegedly purchased using misappropriated funds.
The properties have been surveyed, geo-tagged, and preliminary restrictions on transactions have been imposed. “Requisitions have been sent to sub-registrars to freeze transactions and withhold Powers of Attorney linked to the identified assets. Measures are under way to attach the properties.” the DCP said.
“Efforts will continue to identify additional victims, trace more benami properties, and arrest the remaining accused,” he added.