Visakhapatnam Police Uncover Major Sneha MACS Deposit Scam

Visakhapatnam police have uncovered a major deposit scam involving Sneha Mutually Aided Co-operative Society Limited (MACS) and several benami companies. Officers say the group collected deposits by promising high returns and then diverted the money for personal use and linked ventures.

Deputy Commissioner of Police Manikanta said the society used Dr B. R. Ambedkar’s name and the slogan “Pay Back to Society” to gain trust. Many victims are from SC communities and middle-class families. They believed they were supporting a genuine social cause.

Police registered cases at the Duvvada, Dwaraka, Gopalapatnam, and II Town stations after receiving complaints from depositors. The probe found that the money was moved into personal accounts, shell firms, and branches in Hyderabad and Ponnur. The funds were also tied to Sneha TV, United Publications, Prudhvi Constructions and Sneha Priya Financial Services.

Officers have traced about Rs 56.10 crore that was diverted or can be recovered. Sneha MACS has 2,504 depositors who are owed nearly Rs 55.10 crore. Several directors and staff members have been arrested. Look Out Circulars have been proposed for president Katikala Swarna Latha, CEO A. Punnarao and director Gummadi Manoranjan.

Investigators also found properties believed to be bought with misused funds. These include land in Chodavaram, Yelamanchili and Anandapuram, a 2,450 sq. yd. plot near the Sheelanagar STBL area and a flat in Chinna Waltair. All the assets have been surveyed, geo-tagged and placed under restrictions.

Police have directed Sub-Registrars to freeze transactions and block Powers of Attorney linked to these properties. Steps to attach the assets and recover the diverted money are underway.

The investigation will continue to trace more victims, find more benami assets and arrest the remaining accused, the DCP said. Assistant Commissioner of Police Annepu Narasimha Murthy and other officials were present.