Kovelakuntla police have arrested Akula Venkataramana, the prime accused in the Janani Mutual Aided Cooperative Society scam, which defrauded hundreds of depositors of over Rs1.5 crore.
The arrest was confirmed by Circle Inspector Hanumantha Naik during a press conference held on Monday. Venkataramana, a resident of Somavandlapalle in YSR Kadapa district, has been remanded to judicial custody.
According to police, the scam dates back to four years ago when Venkataramana, along with Guvvala Padmavati and others, established Janani Society near Om Shanti Bhavan in Kovelakuntla.
The society aggressively lured depositors from Kovelakuntla, Chagalamarri, Nandyal, and Banaganapalle by promising higher interest rates and easy loan facilities, claiming better returns than traditional private banks.
Investigations revealed that the society collected around Rs1.5 crore through fixed and savings deposits. Instead of investing or managing the funds, Venkataramana diverted the money into his personal account.
When depositors tried to withdraw their matured investments, they were shocked to find the society’s premises shut down and the entire management missing.
CI Naik said legal proceedings are now in motion, and efforts are ongoing to trace other accused individuals and recover the embezzled funds.
Police urged the public to remain cautious and report any suspicious financial operations in their locality.
