Tuesday, 2 April 2013

Promoters of fraud firms sent to jail

An Ongole court on Monday remanded the three arrested organisers of Maitri Finance and Nakshatra Real-estate companies for 14 days. They were sent to Prakasam district jail.
The Ongole One-Town Police produced the accused brothers —Lakku Madhava Reddy, Lakku Malyadri Reddy and Lakku Konda Reddy— in the court by booking them under the provisons of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978 Section 420 of IPC for cheating and land grabbing cases.
Cases against 10 others were also registered for financial fraud as part of the money-circulation schemes offered by the two firms run in violation of rules.

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