Accused forms mutually-aided coop. society; dupes depositors to the tune of Rs. 65.83 lakh
The police arrested a woman identified as G. Prem Jayalakshmi on the charge of duping the depositors to the tune of Rs. 65.83 lakh in the city promising low cost loans. The police recovered Rs 21.25 lakh and seized records from the office in Old Town.
SP B. Raghurami Reddy told reporters that the police swung into action as a large number of poor families were involved in the case. Jayalaksmi, who hailed from Rudravaram, started Indira Mutually-Aided Cooperative Society and promised to sanction low interest loans to the families. She collected loan charges and deposits from the public.
She raised deposits and services charges from over 580 people and sanctioned only Rs. 16 lakh to 26 people. The depositors smelled a foul play and lodged a complaint with the police. The SP said due to the instant action, they could recover the amount available and all records.
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