Money lenders panic as trader goes missing
A fertiliser trader who took loans to the tune of crores of rupees from known persons in Narasraopet town went missing for the last two days The victims approached the police on Tuesday seeking their help to get back their money
Guntur: A fertiliser trader who took loans to the tune of crores of rupees from known persons in Narasraopet town went missing for the last two days. The victims approached the police on Tuesday seeking their help to get back their money.
According to Narasaraoopet Circle Inspector T Aadinarayana, fertiliser trader Maddi Srinivasa Rao was involved in fertiliser business for the last 10 years.
He collected loans worth several crores of rupees and executed promissory notes and paid interests to those who financed him for doing fertiliser business. He was paying interests to them regularly and was taking more loans for business purpose. He took loans from people from 30 villages.
He took more loans from the people four days ago and said that he would return after securing payments for sale of fertiliser. However as he did not return on Tuesday, those who extended financial help to his business approached the police.
K Rama Koteswara Rao, native of Ameen Saheb Palem, who gave money to Srinivasa Rao approached the police and lodged a complaint against the trader and sought their help to get back his money.
Similarly, several other victims also lodged complaints with the police. Circle Inspector Aadinaryana said, "We have received complaints from the people. Maddi Srinivasa Rao has to pay crores of rupees to them. We will register the complaints and investigate the case."