Hyderabad: Telangana CID arrested Thippeneni Ramadasappa Naidu and his son Saikiron for allegedly running a ₹140 crore fraud by floating a fake cooperative bank under the name of a central government scheme.
The duo, based in Andhra Pradesh, set up a shell entity named Mudra Agriculture Skill Development Multi-State Co-operative Society Limited, posing it as a central government initiative soon to receive banking status. Police said they used the façade of Prime Minister Mudra Yojana to lure unemployed youth and farmers with false job offers and investment schemes.
They placed misleading ads in Telugu newspapers, offering “government marketing supervisor” roles to over 2,000 applicants, claiming that society members would receive permanent government jobs. Applicants from Telangana and Andhra Pradesh were asked to deposit original certificates as part of the selection process.
Investigators found they opened 330 branches across both states and appointed around 1,600 employees, collecting crores under the pretext of share capital and bond investments. Recruited staff were assigned deposit collection targets. Victims included daily wage workers, farmers, and small traders, who were promised high-interest returns on deposits.
CID chief Shikha Goel said the duo solicited funds in the name of Mudra scheme-linked deposits and APIIC land investments, collecting ₹140 crore. Later, they refused repayments and intimidated depositors and employees when demands were made.
Ramadasappa Naidu was apprehended in Amaravati and Saikiron in Hyderabad. Both were produced before the Nampally court and remanded to Chanchalguda jail. CID is investigating multiple FIRs filed across Telangana in connection with the scam.
