Adarana MAC Society defrauded depositors of Rs 50 crore, 11 arrested

Anantapur: Adarana Mutually Aided Cooperative Society president N Rama Krishna, his wife Sailaja, vice-president and eight other directors, has been arrested by the two town police and sent them for remand on charges of misappropriation of public funds.

A case has been registered against them and the police have unearthed irregularities in the running of the society and Adarana chit funds.

Rs 50 crore had been collected from the public in the form of deposits. The company failed to pay the promised financial benefits post maturity of deposits.

The police arrested them based on the complaint lodged by depositors with the Superintendent of Police at the Spandana programme.

Police have swung into action and are enquiring into details of properties and in the process has written to the district registrar to share details of properties in the name of society president and vice-president and directors of MACS society.