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Six arrested for duping investors
The six persons were arrested in connection with Inditrade financial fraud here on Thursday. Superintendent of Police CM Trivikrama Varma produced the accused before the media at the district police office. Tankala Sriram is the prime accused, who started Inditrade Company, and other accused were identified as Vavilapalli Jagadiswara Rao, Narayanasetti Chandrasekhar, Burada Seetharam, Gade Ramul
Srikakulam: The six persons were arrested in connection with Inditrade financial fraud here on Thursday. Superintendent of Police CM Trivikrama Varma produced the accused before the media at the district police office.
Tankala Sriram is the prime accused, who started Inditrade Company, and other accused were identified as Vavilapalli Jagadiswara Rao, Narayanasetti Chandrasekhar, Burada Seetharam, Gade Ramulu and Yedla Janardhan.
The prime accused had started the share business and other five accused had motivated the investors on a commission basis, the Superintendent of Police pointed out.
In all, 138 investors lodged complaints against the six accused, he elaborated. Based on the complaints, they registered cases against the six accused under Sections 120-B, 406, 420, read with Section 34 of IPC, Section 5 of AP Protection of Depositors and Financial Establishments (amendment) Act, Sections 5, 6, 9 and 53 of prohibition of benami property transactions Act, the Superintendent of Police clarified.
With an aim to protect the interests of investors, they wrote a letter to the District Collector to stop further transactions concerning to immovable properties of the prime accused and five other accused, the SP added. They are investigating the case with assistance of income tax officials, auditors, stock brokers, legal advisors, Superintendent of Police said. But the accused number three and four feigned innocence at the press conference.
