Finance company takes the depositors for a ride

Vijayawada, Oct 29: Yet another finance company in the city vainshed into thin air leaving its depositors  in the lurch. Wooed by the attractive interest offer about 200 depositors deposited their hard earned money with Vasudha Cooperative Society at Satyanarayayanapuram in the city. The Vasudha Cooperative Society vanished duping the depositors to a tune of Rs six crore.It may be recalled that only recently Sailatha Chitfunds and Anupama Chitfunds brought  down  their  shutters  taking the depositors for  a ride. Most of the depositors of Vasudha were either retired employees or saved money for their kins' marriages.

Though the police were informed about the mal-functioning of the finance company four months ago no action was taken on the pretext of no written complaint.Apart  from  the local residents of Satyanarayanapuram,  people from other districts also deposited their money in this blade company. The directors of the society have been living lavishly and invested  heavily in real estate with the depositors' money. As the real estate business took a nosedive their hopes of heaping rich harvest were also dashed.Vadapalli Sivaramakrishna,  a vicitm  says he deposited  Rs 3 lakh in Vasudha Coop Society three years ago. For the last one year the company failed to pay interest. Bandi Padma also deposited  a substantial amount of Rs 6 lakh in the society  for her  daughter's marriage.Satyanrayanapuram CI Sravan Kumar  has assured the depositors that justice would be meted out to them.

He said steps would be taken to sieze the properties of the society directors.It is reliably learnt that the chairman of the society R Parthasarathy has been taken into custody. According to  sources close to the police  it  is learnt that police took him to Mangalagiri for questioning. Parthasarathy's brother-in-law and another director Subrahmanyam's wife have also been taken into custody.