Andhra Pradesh   

Money circulation racket busted

VISAKHAPATNAM, JAN. 10. The Fourth Town Police on Saturday arrested the managing director of Sunkara Marketing Pvt. Ltd., S. Krishna Prasad (48), on the charge of collecting Rs. 3.60 crores from the members of a money circulation scheme launched by him with the promise of hefty commission.

The arrest was made on receipt of a complaint from one Tankala Prabhakara Rao that Krishna Prasad and other promoters of the marketing company floated in October 2002 had failed to pay the commission due to him and 58 others. Cases under Section 420 of Indian Penal Code and 3, 4 and 5 of Prize Chits and Money Circulation (banning) Act, 1978 were registered against the accused.

,The Circle Inspector, M.V. Ramana Rao, told reporters that as of today, the accused had enrolled 20,000 members from Visakhapatnam, Srikakulam, Vizianagaram and East Godavari districts and parts of Orissa. He also held a function amid fanfare at Gurajada Kalakshetram last year promising a `lucrative career' by becoming a member.

Printer friendly page  
Send this article to Friends by E-Mail

Andhra Pradesh

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• National Green Corps for eco-friendly `Bhogi' bonfire
• Opposition rallies behind contract lecturers
• Quota for promotions in Central services must: CM
• YSR mollifies former Chandragiri MLA
• Central panel for the disabled soon, says Venkaiah Naidu
• Azad grounds CFT leaders' gameplan
• BJP to keep aside Telangana issue: Mahajan
• Sops offshoot of buoyant economy, says Naqvi
• `Government job scene bleak for SCs'
• Money circulation racket busted
• `Sonia's foreign origin a non-issue'
• 26 civic works proposed in Tirupati
• Simple procedure for issue of passports urged
• Striking medicos stop express train
• Call for focus on frontier research
• BJP executive to mull on early poll
• LS polls: PM keeps everybody guessing
• Medical sciences institute inaugural today
• Briefly

Copyright © 2004, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu