The Telangana Police’s CID arrested Thippeneni Ramadasappa Naidu, 61, Chairman of Mudra Agriculture Skill Development Multi-State Co-operative Society Limited, for his role in a massive Rs 140 crore fraud. Naidu was detained from Amaravati in Andhra Pradesh on Tuesday.
He is accused of deceiving over 2,000 farmers and unemployed youth by posing as a government-backed scheme. Alongside Naidu, his son, Thippeneni Sai Kiran, also a society member, was arrested in Hyderabad.
The CID revealed that Naidu, with criminal intent, established the cooperative society mimicking the Central government’s Pradhan Mantri Mudra Yojana. They falsely promised job placements and high-interest returns on deposits. Naidu also assured members the society would become a bank within two years and provide permanent government jobs.
Under these false promises, deposits totaling Rs 140 crore were collected from daily wage workers, farmers, and shopkeepers but were diverted for personal use.
Between 2020 and 2022, 10 police cases were registered against the accused in Telangana, and the CID continues to investigate.
Additional DGP Charu Sinha explained the fraud involved publishing misleading advertisements promising 2,000 government jobs. Many applicants from Telangana and Andhra Pradesh fell victim. The accused confiscated original certificates and collected money under the guise of share capital and investment bonds rather than fixed deposits. Employees faced pressure to collect deposits and had salary deductions if they failed.
Several employees who resigned were denied the return of their documents and investments. Resisters were threatened with negative publicity in the ‘Margadarshi’ newspaper, falsely linking them to anti-social elements. The accused also collected signatures on blank papers and withheld wages.
The society had opened 330 branches and employed around 1,600 people. A large portion of the funds was invested in APIIC Limited for industrial plots in Andhra Pradesh.
Investigations are ongoing to trace fund flow and identify additional suspects.
