HYDERABAD: Nearly 517 investors lost over Rs 200 crore in a massive scam orchestrated by Sri Priyanka Enterprises, a private finance company in Abids, Hyderabad.
The company, run by Nimmagadda Vani Bala, her husband Meka Netaji, and their son Meka Sriharsha, promised high interest rates to attract deposits.
The victims, lured by the promise of substantial returns, were defrauded when the company abruptly ceased operations. Seeking justice, the defrauded investors staged a protest at the Central Crime Station (CCS) in Basheer Bagh on Monday.
Preliminary reports indicated that Nimmagadda Vani Bala, who served as General Manager of Apex Bank, used her position to lure customers into the scheme. The victims were directed to an office near the Telangana State Cooperative Bank in Abids, where they were convinced to make high-interest deposits.
Based on the victims' complaints, the police registered a case and began the investigation.
