In a major financial fraud case, Visakhapatnam police have arrested six people linked to a Rs 100 crore scam involving Sneha Max Society, a cooperative that duped over 2,500 depositors, mainly SC, ST, and minority employees, by promising high interest rates of up to 12%.
The prime accused, retired IRS officer Sivabhagya Rao, who founded the society, is absconding. The arrested include society directors and staff, now remanded for 14 days.
Authorities have frozen the society’s assets, and search operations are ongoing. Commissioner Sankha Brata Bagchi assured strict action and recovery of victims’ funds, many of whom are pensioners.
