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Andhra Pradesh - Vijayawada Printer Friendly Page   Send this Article to a Friend

Accused in chit case get bail

Staff Reporter

VIJAYAWADA: Metropolitan Sessions Judge V. Chandrasekaran on Monday granted bail to K. Uma Maheswarudu and his brother K. Prakasham, the two accused in the case of cheating of depositors of Vuma group of companies to the tune of Rs.65 crore.

The judge granted the bail on the condition that they should deposit Rs.50,000 each and produce two sureties. They were also directed to appear in Satyanarayanapuram police station every morning and evening and sign in the register.

In a related development, Uma Maheswarudu's wife Kanakadurga moved an application for anticipatory bail. The judge posted it for Tuesday.

The police booked the case against Uma Maheswarudu and others on the charge of cheating the subscribers and members of Vuma Resorts India Limited, Sai Vuma Chit Fund Company, Vuma Financiers and Vuma Maheswari Finvest Limited, which collected cash deposits from about 2,500 people to the tune of about Rs. 65 crores and downed the shutters of all offices on March 20 this year.

Lorry missing

A lorry loaded with 306 cooking gas cylinders and parked at the Indian Oil Corporation's parking place at Kondapalli IDA was found missing on Monday morning.

According to the Ibrahimpatnam police, the lorry having registration number AP 4U 2439 was parked by driver Laxma Reddy on Sunday night. After taking overnight rest at his house, he found on Monday morning that the lorry was missing. The cylinders were supposed to have been delivered to Tirumala Gas Agency at Nandigama. The police said that a case of theft was registered and further investigation was on.

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