1 week ago
Machilipatnam Court Sentences Two in Deposit Fraud Cases
A court in Machilipatnam decided five cases about people who collected money from the public.
They promised to give depositors higher returns later.
The money was not repaid.
Two people were found guilty and must spend three years in prison.
Each of them must also pay a fine in every case.
The cooperative society involved was fined Rs 33.15 lakh.
Another person’s case was dropped.
The convicted people will be moved to a jail in Nellore.
A Machilipatnam district court sentenced two accused to three years’ imprisonment in five deposit-fraud cases.
The cases involved deposits collected in 2013 through a municipal employees’ cooperative credit society.
The court fined the society Rs 33.15 lakh and imposed Rs 1 lakh fines on each convicted person in each case.
Nali Nagabhushanam and Ramreddy Krishna Reddy were convicted, while proceedings against Nali Ramakrishna were dropped.
The convicted accused will be shifted to Nellore jail after the judgment.
- Who
- Nali Nagabhushanam and Ramreddy Krishna Reddy were sentenced; the cooperative society was also fined.
- What
- A court convicted two accused in five cases involving allegedly unpaid public deposits.
- Where
- The judgment was delivered by a Machilipatnam district court; the convicted accused will be shifted to Nellore jail.
- When
- The cases were registered in 2013, and the judgment was delivered on Friday.
- Why
- Deposits were allegedly collected with promises of higher returns but were not repaid.
Key facts
- Court
- Machilipatnam district court
- Cases
- Five cases registered at Robertsonpet Police Station
- Case year
- 2013
- Prison sentence
- Three years for Nali Nagabhushanam and Ramreddy Krishna Reddy
- Society fine
- Rs 33.15 lakh
- Individual fines
- Rs 1 lakh for each convicted person in each case
- Dropped proceedings
- Proceedings against Nali Ramakrishna were dropped
Sources
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