Andhra Pradesh - Vijayawada   

Vuma depositors' meet held

— Photo: RAJU. V.

Awareness meet:People who invested in Vuma chit fund at a meeting held by Police Commissioner P.S.R. Anjaneyulu in Vijayawada on Sunday.

VIJAYAWADA: City Police Commissioner P.S.R Anjaneyulu organised a meeting of more than 1,000 depositors of Sai Vuma Chit Fund Company, who were duped to the tune of Rs.65 crores here at police parade grounds on Sunday.

Kanduru Umamaheswarudu, promoter of Vuma group of companies, was also present at the meeting.

The meeting organised with an aim to educate the depositors who were unaware of the legal process, all the attendants were clarified with the available information, said “competent authority” and Police Commissioner.

Legal process

He said efforts were being made to ensure that the process of liquidating all the properties was completed as early as possible. This would be done “with the cooperation of the accused as well as the subscribers.”

GO issued

Recently the State government issued G.O No. 205 on the basis of a recommendation made by the Commissioner of Police. If things were organised properly, the depositors would get money back within one or two years.

The committee formed by the depositors would be in touch with all the depositors to clarify their queries, said the Police Commissioner.

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