The Telangana Crime Investigation Department has arrested Tippaneni Ramadasappa Naidu, 61, and his son Sai Kiran, 43, in connection with a ₹140 crore financial fraud involving misuse of the Pradhan Mantri Mudra Yojana branding. The father-son duo operated through a cooperative society they founded in 2017, misleading the public into believing it was a government-backed initiative.
Naidu, the chairman of Mudra Agriculture Skill Development Multi-State Cooperative Society Limited, and his son, a key figure in the organisation, allegedly cheated around 2,000 people. The CID investigation revealed that the society used the PM Mudra Yojana name to gain public trust and lured individuals with false promises of high returns and secure government jobs.
The society placed extensive advertisements in regional newspapers, targeting farmers, unemployed youth, and daily wage workers. Victims were led to believe the society would soon become a full-fledged bank and provide permanent government employment. They were encouraged to apply for 2,000 advertised marketing supervisor posts, surrender their original educational documents, and deposit large sums as share capital and bond investments.
The cooperative rapidly expanded, setting up around 330 branches across Telangana and Andhra Pradesh. It employed nearly 1,600 people to collect deposits, often imposing salary cuts on those who failed to meet targets. Employees who resigned reportedly faced threats, were denied returns on their investments, and forced to sign blank papers.
The CID confirmed that the fraudulent operations helped Naidu and his son amass approximately ₹140 crore. The money was allegedly used to purchase industrial plots in Anantapur district and properties in the Keesara area of Telangana.
The scam came to light after several complaints were registered at police stations across Telangana. The CID took over the case, traced the money trail, gathered critical evidence, and arrested the accused. Both have now been remanded to judicial custody.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
