Archive · 5 Dec 2025
Nine Arrested in Sneha MACS Fraud Case
The police in Visakhapatnam have arrested nine people connected to Sneha MACS, a cooperative society.
They are accused of cheating over 2,500 people who had saved money with the company.
The accused used a complex system of fake companies and secret properties to steal more than Rs 55 crore.
The founder of the society, Katikala Shiva Bhagya Rao, was one of those arrested.
The police are also looking for other people involved and have found properties bought with the stolen money.
They are working to freeze these properties to recover the lost funds.
Nine directors, staff members, and benami operators of Sneha MACS were arrested in Visakhapatnam for financial irregularities.
The society defrauded over 2,500 depositors, misappropriating more than Rs 55 crore through a network of shell companies and benami properties.
The founder, Katikala Shiva Bhagya Rao, was apprehended on December 4, along with eight others.
Investigations revealed that the society diverted depositor funds to personal accounts, benami companies, and associated firms.
Properties worth approximately 21.12 acres, acquired with misappropriated funds, have been identified and geo-tagged by the police.
- Who
- Nine directors, staff members, and benami operators of Sneha MACS, including Katikala Shiva Bhagya Rao, the founder and retired IRS officer.
- What
- Arrests made in connection with a financial irregularity and fraud involving Sneha MACS, which defrauded over 2,500 depositors.
- When
- Arrests made on December 4, 2023, with ongoing investigations.
- Where
- Visakhapatnam, India, with properties identified in Chodavaram mandal.
- Why
- To recover misappropriated funds and bring the accused to justice.
- Number of Arrested Individuals
- 9
- Total Depositors Affected
- 2,504
- Total Amount Misappropriated
- Rs 55.10 crore
- Year of Society Registration
- 2008
- Name Change Year
- 2014
- Properties Identified
- 21.12 acres at Venkannapalem/Rayapurajupeta