Hyderabad Police arrests Nimmagadda Vanibala’s family in Rs. 200 crore fraud
HYDERABAD: Hyderabad’s Central Crime Station (CCS) arrested Meka Nethaji, his wife Nimmagadda Vanibala, and their son Meka Sriharsha for a ₹ 200 crore financial scam. They allegedly duped 532 investors with false promises of 24% monthly returns through Sri Priyanka Enterprises and associated companies.
CENTRAL CRIME STATION, HYDERABAD ARRESTED THE PROPRIETORS & DIRECTORS OF SRI PRIYANKA ENTERPRISES, GRAPHIC SYSTEMS PVT LTD AND SRI PRIYANKA GRAPHTECH PVT LTD https://t.co/rvr1eCOXjG
— Hyderabad City Police (@hydcitypolice) May 31, 2024
Based on a complaint by Bala Chandra Kumar from Balanagar, Hyderabad, and others, a case was registered against Meka Nethaji and his family. The case, Cr.No.144/2024, includes charges under sections 406, 420, and 120-B of the IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishment Act.
The modus operandi
The accused allegedly lured 532 individuals to invest in their company, promising 24% monthly returns. They amassed Rs. 200 crores through false promises. Meka Nethaji started Sri Priyanka Finance and Chits in 1985 at Reddy Hostel Shopping Complex, Tilak Road, Abids, Hyderabad. Initially, he conducted daily finance and chit fund operations, taking deposits from relatives and acquaintances with the promise of high returns.
As the business expanded, Nethaji ventured into the trading and distribution of printing materials. He established Graphic Systems Pvt Ltd for trading printing press materials and Sri Priyanka Graphtech Pvt Ltd for producing steel castings in Jeedimetla Phase-II. His wife, Nimmagadda Vanibala, serving as the General Manager at Telangana State Co-operative Apex Bank (TSCAB), played a crucial role in this financial scam. She persuaded approximately 140 colleagues to invest their savings and retirement benefits into Sri Priyanka Enterprises, promising substantial profits.
Arrests and legal proceedings
The investigation, supervised by Deputy Commissioner of Police N. Swetha, revealed the full extent of the scam. Assistant Commissioner of Police K.M. Kiran Kumar led the EOW Team-V in arresting Meka Nethaji, Meka Sriharsha, and Nimmagadda Vanibala on Thursday. They were produced before the court for judicial remand.
Authorities urge the public to avoid investing in unregistered firms offering high returns. Instead, they recommend investing in government or registered financial institutions to safeguard their money.
The police have underscored the importance of due diligence and caution in financial matters. This case serves as a reminder of the potential risks associated with unverified investment schemes.
CM Revanth Reddy reorganizes disaster management for Greater Hyderabad
HYDERABAD: Chief Minister A. Revanth Reddy has decided to assign critical responsibilities to the Disaster Management Department within Greater Hyderabad. He has directed officials to implement structural changes and redistribute responsibilities accordingly. In a review meeting at the Secretariat on Monday evening, the Chief Minister discussed the reorganization with officials from Municipal Administration, HMDA, and Musi Development.
Expansion of disaster management responsibilities
Recognizing the geographic expansion of Hyderabad, the Chief Minister ordered the Disaster Management Department to extend its jurisdiction to the Outer Ring Road. He suggested including GHMC, 27 surrounding municipalities and corporations, and 33 gram panchayats within its service area. The department will be renamed the Hyderabad Disaster Response and Assets Monitoring Protection (HYDRA). The Chief Minister proposed appointing a DIG-level officer as the director and SP-level officers as additional directors. He also recommended special teams from GHMC, HMDA, the Water Board, city traffic, and other departments to join this new division.
The Chief Minister emphasized the need for the Disaster Management Department to offer continuous services to city residents, not just during floods or emergencies. HYDRA should actively address all issues faced by Hyderabad’s citizens, including preserving the city’s tanks and ponds, protecting government properties from encroachments, and managing hoardings and flex banners. Additionally, HYDRA will oversee water pipelines, electricity supply lines, drainage, flood management, and traffic control.
Focus on heritage and infrastructure projects
Chief Minister Reddy directed the acceleration of the Musi River Development Project, aiming to elevate Hyderabad’s international reputation. He stressed the importance of working towards the government’s goal of transforming this project into a landmark. He also ordered officials to take necessary actions to restore historical buildings and structures within the city. The GHMC presented a PowerPoint on various heritage sites, such as the City Library, Charminar Ayurvedic Hospital, and Nizamia Observatory etc. The Chief Minister encouraged exploring ways to develop these sites for tourism and integrating feasible ones into the Musi River Development Project.
The Chief Minister instructed Chief Secretary Shantikumar to draft a comprehensive reorganization plan, including staffing, duties, and budget allocations for HYDRA. He also emphasized identifying key areas where the Disaster Management Department can enhance its operations.
The meeting included Chief Secretary Shantikumar, Principal Secretary of Municipal Administration and Urban Development Danakishore, GHMC Commissioner Amrapali, GHMC Vigilance Disaster Management Commissioner A.V. Ranganath, and Hyderabad Water Board MD Ashok Reddy.
