Hyderabad: The Rachakonda police have registered a case against TRS corporator from Neredmet K. Sridevi and her husband Hanumanth Rao at the Neredmet police station under the Prevention of Money Laundering Act. This comes after Mekala Srinivas, an advocate from Sainikpuri, alleged that the couple had cheated him and several others by floating an illegal chit fund company.
According to Srinivas, the corporator, her husband, and their agent Mahesh, set up the Swarnaganga Chit funds with the intent to cheat people. They have also floated several other chit fund companies, he alleged, adding that through these companies, the accused persons were lending huge amounts to needy people by violating the norms and without the necessary permissions from authorities concerned.
Srinivas also alleged that the accused had been running several other businesses like GK Builders and GK Apparels. Under the guise of these businesses, they were investing money in construction and real estate under fictitious names and partnerships.
All these activities were carried out illegally, Srinivas said, alleging that people were cheated in the name of high interest rates, by providing loans against instruments such as cheques, property documents, agreements, and also through illegal and fraudulent use of fabricated documents.
The Neredmet police said they have started an investigation.