In a shocking case of financial fraud, Nimmagadda Vanibala, General Manager of Telangana State Cooperative Apex Bank, was arrested by the Hyderabad Central Crime Station (CCS) police for allegedly embezzling Rs200 crore through a fraudulent investment scheme. Her husband, Meka Netaji, and son, Meka Sriharsha, were also apprehended for their involvement in the scam.
According to the police, Vanibala, along with her family, persuaded over 532 victims to invest in their company, Sri Priyanka Enterprises, by promising high returns. The accused used their positions of trust to assure victims that their funds would generate significant profits. However, after collecting the money, the family absconded, leaving the victims with no recourse.
The fraudulent scheme began when Meka Netaji established Sri Priyanka Finance and Chits in 1985, operating daily finance and chit fund services. Later, his son Sriharsha, after completing his BTech, joined the family business as a director. Vanibala, leveraging her position at the Telangana State Cooperative Apex Bank, convinced several of her colleagues to invest in Sri Priyanka Enterprises, offering a 24% return on investments.
Around 140 of her colleagues deposited approximately Rs26 crore. However, once the victims realized they were duped, they approached the CCS police. The police registered a case against Sri Priyanka Enterprises and initiated an investigation, which led to the arrest of the family members involved.
The accused have been remanded in custody as the investigation continues. Police are working to trace the whereabouts of additional assets linked to the fraud.