5 days ago
Janani Bank scam: Prime accused arrested in Kovelakuntla
Kovelakuntla (Nandyal district): Kovelakuntla police have arrested Akula Venkataramana, the prime accused in Janani Mutual Aided Cooperative Society scam, which defrauded depositors of over Rs 1.5 crore.
CI Hanumantha Naik confirmed that Venkataramana, a native of Somavandlapalle in YSR Kadapa district, was taken into custody and remanded to judicial custody, during a press conference here on Monday.
He explained that four years ago, Venkataramana, along with Guvvala Padmavati and others, established Janani Society near Om Shanti Bhavan in Kovelakuntla. The society lured depositors from Kovelakuntla, Chagalamarri, Nandyal, and Banaganapalle with promises of high interest rates and easy loan access, surpassing private bank offerings. Investigations revealed that the society collected around Rs 1.5 crore in fixed and savings deposits, which Venkataramana diverted to his personal account. When depositors sought returns upon maturity, they found the society's premises closed and the management absconding.
Police previously arrested co-accused Guvvala Padmavati, Akula Bharadwaj, and society chairperson Sujatha. Venkataramana's arrest marks a significant breakthrough in the ongoing investigation into the scam that exploited depositors' trust.
