According to the Deccan Chronicle reports, Kakinada police in Andhra Pradesh have arrested Karthikeya Mutually Aided Cooperative Society chairman Kodi Veera Venkata Satyanarayana in Mancherial town of Telangana.
Satyanarayana had floated the cooperative society 20 years ago. The society lured people into depositing their money promising a whopping 15 percent interest on deposits.
Later, when depositors sought their money on maturity of their deposits, the society did not give their money. The scandal involves Rs. 25 crores.
