VISAKHAPATNAM: The Vizag city police have exposed a major financial fraud involving the Sneha Mutually Aided Co-operative Society Limited (MACS) and several associated benami firms. Investigations reveal that most victims were from the SC community and other middle-class families who invested, believing the society operated under Dr BR Ambedkar’s ideology and the slogan “Pay Back to Society.”
The management of Sneha MACS collected deposits by promising high returns, only to misappropriate the funds, diverting them to personal accounts, benami companies, and immovable properties across multiple districts.
According to Deputy Commissioner of Police (Law and Order) V N Manikanta Chandolu, multiple cases have been registered against the Sneha MACS management. He said the group circulated false promises, exploited Ambedkar’s ideology, and lured depositors with attractive interest rates.
Funds were allegedly diverted to personal accounts, benami companies, Sneha MACS branches in Hyderabad and Ponnur, Sneha TV, United Publications, Prudhvi Constructions, Sneha Priya Financial Services, and other associated entities.
Police investigations have identified over Rs 56 crore in diverted or recoverable funds. Sneha MACS reportedly has 2,504 depositors, with total payable deposits around Rs 55 crore.
Authorities have arrested directors, staff, and benami operators of Sneha MACS. Circulars have been issued against President Katikala Swarna Latha, CEO/Director A Punnarao, Director Gummadi Manoranjan, and others.
The management used the funds to acquire lands, house sites, and other properties, which have been surveyed, geo-tagged, and subjected to preliminary restrictions on transactions. Requisitions have been sent to sub-registrars across Visakhapatnam to freeze property transactions and withhold Powers of Attorney linked to these assets.
Investigations continue to identify more victims, trace additional benami properties, and apprehend the remaining accused. Police are also working to attach properties and recover diverted funds.
