7 months ago
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The Visakhapatnam constabulary person unearthed a immense fiscal fraud perpetrated successful the sanction of Sneha Mutually Aided Co-operative Society Limited (MACS) and respective associated benami firms.
The absorption collected immense nationalist deposits by promising abnormally precocious returns and subsequently misappropriated the funds by diverting them to idiosyncratic accounts, benami companies, and immovable properties crossed aggregate districts.
The constabulary besides recovered that a bulk of the victims beryllium to the SC assemblage and different middle-class families who invested their beingness savings believing that the Society was inspired by Dr. B.R. Ambedkar’s ideology and operated nether the slogan ‘Pay Back to Society’.
Addressing a property league astatine the constabulary league hallway connected Friday (December 5, 2025), Deputy Commissioner of Police Manikanta said that based connected abstracted complaints from depositors, the pursuing FIRs person been registered astatine Duvvada, Dwaraka, Gopalapatnam, II Town against the absorption of Sneha MACS.
Explaining the modus operandi, the DCP said the constabulary enquiries revealed that Sneha MACS absorption circulated mendacious assurances, projected Ambedkar’s ideology, and promised abnormally precocious involvement rates to pull deposits.
The depositors’ funds were diverted to idiosyncratic accounts, benami companies, Sneha MACS branches astatine Hyderabad and Ponnur, Sneha TV, United Publications, Prudhvi Constructions, Sneha Priya Financial Services, and different related entities.
He said that astir ₹56.10 crore has been identified arsenic recoverable/diverted funds, adding that Sneha MACS has 2,504 depositors and deposits payable magnitude to astir ₹55.10 crore.
While respective directors, unit and benami operators were arrested, including, Look Out Circulars (LOCs) proposals person been sent against president, Sneha MACS, Katikala Swarna Latha, CEO/Director, A Punnarao, Director, Gummadi Manoranjan, and others.
In the investigation, the constabulary recovered that respective properties were acquired utilizing misappropriated depositor funds which see approx. 21.12 acres astatine Venkannapalem/Rayapurajupeta successful Chodavaram of Anakapalli, 0.47 acres astatine Duppituru successful Yelamanchili, 1.50 acres astatine Dabbanda successful Anandapuram, 2450 sq. yards adjacent Sheelanagar STBL area, 2125 sqft level astatine Chinna Waltair. “These properties person been surveyed, geo-tagged, and preliminary restrictions connected transactions person been initiated,” the DCP said.
“We person besides sent requisitions to the sub-registrars to frost transactions and withhold Powers of Attorney linked to the identified properties. Steps are nether mode to connect properties and initiate processes for betterment of diverted funds,” DCP Manikanta said.
He further concluded thet efforts volition proceed to place much victims, hint much benami properties, and apprehension the remaining accused. Assistant Commissioner of Police, East Zone, Annepu Narasimha Murthy and others were present.
