The Hindu : CMD, two directors of firm held

Online edition of India's National Newspaper
Sunday, Sep 22, 2002

Southern States

Southern States - Andhra Pradesh-Hyderabad

CMD, two directors of firm held

By Our Staff Reporter

HYDERABAD Sept. 21. The Chairman and Managing Director (CMD) of Vijetha Group of Companies and two of its Directors who allegedly duped investors to the tune of Rs. 50 crores were today arrested at Guntur by the Crime Investigation Department (CID) sleuths.

The arrested CMD, D.K.M. Gupta and the two Directors, Arisetty Srinivas and Bondisa Ramakrishna Singh were produced before the 7th Metropolitan Magistrate Court of Guntur, a press release said.

A native of Markapur in Prakasam district, D.K.M. Gupta, floated Vijetha Group of Companies based at Guntur in 1995 dealing in Agro-farms, housing and resorts. Vijetha Agro Farms was one company among the group. It had 54 branches throughout the State having accounts in 55 banks at various places.

They invited deposits from public offering high rates of interests under various categories. Thousands of small investors

deposited money. As the company stopped payment of monthly interest for the last 10 months and matured deposits from April, 2001, the depositors approached the CMD for refund of the same.

The CMD issued post-dated cheques to some claims which reportedly bounced. An investor of Mahbubnagar district, Shaik Pasha, lodged a complaint with the police in this connection. The case is under investigation.

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CMD, two directors of firm held