Archive · 20 Jul 2025
Six Arrested in ₹100 Crore Cooperative Society Scam
Imagine a group of people who tricked others by promising high interest rates for their savings.
They started a society called "Sneha Max Society" and collected a lot of money, about 100 crore rupees, from many people, including those from minority communities and pensioners.
The people running the society are now in trouble with the police.
The police caught some of them, but the main person in charge is still missing.
The police are trying to find him and get the money back for the people who were tricked.
They promise to punish everyone involved.
Visakhapatnam police arrested six individuals in connection to a ₹100 crore fraud.
The fraud involved the cooperative society "Sneha Max Society".
The society collected deposits from about 2,500 people by offering high interest rates.
The main accused, Siva Bhagya Rao, a retired IRS officer, is still at large.
Police are working to recover funds for the victims and bring all involved to justice.
- Who
- Visakhapatnam police, six arrested individuals, Siva Bhagya Rao, and depositors of "Sneha Max Society".
- What
- A ₹100 crore fraud involving a cooperative society.
- When
- Information not available in the articles.
- Where
- Visakhapatnam.
- Why
- To defraud depositors, mainly targeting employees from Scheduled Castes, Scheduled Tribes, and minority communities, by offering high interest rates.
- Scam Amount
- ₹100 crore
- Society Name
- "Sneha Max Society"
- Arrests
- 6
- Main Accused
- Siva Bhagya Rao
- Victims
- ~2,500 individuals
- Victim Target
- Scheduled Castes, Scheduled Tribes, minority communities
- Interest Rates Offered
- Up to 12%