Andhra Pradesh - Kadapa   

Fraudster nabbed

KADAPA: The Proddatur police on Wednesday apprehended Mallepu Maheswara Reddy for duping investors to the tune of Rs. 15 crore. .

Maheswara Reddy had floated ‘Maheswara Getit’, a micro-level marketing chain link scheme in Hyderabad in 2007. He opened branch offices in Kadapa and Proddatur, Proddatur urban Circle Inspector Md. Shareef told newsmen at Proddatur. He mobilised deposits through agents promising double returns in a year.

A part of the depositors were given bonds. Six months later , the company suddenly wound up causing concern to the investors who and filed complaints with the police. Maheswara Reddy who was absconding since a year was arrested near Jammalamadugu. Efforts would be made to resume his assets and protect depositors, the police said.

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