Vasudha directors in custody?

Vijayawada,Nov 6: Vasudha Cooperative Society, which closed its shop last month after duping its 200and odd depositors to the tune of crores of rupees, is back to news today.According to reliable sources,Vasudha Society vice-chairman RV Nageswara Rao, directors R Parthasarathy and Subrahmanyam are in police custody.Police have sent special teams to Hyderabad,Tirupati and Ongole to nab the Society chief executive officer N Venkateswara Rao who is at large since the scam broke out.Police sources said once the main accused Venkateswara Rao is nabbed, all these arrests will be made public.Anupama Chitfunds and Sailatha Chitfunds had earlier closed their shops and the police washed their hands off by arresting the company owners. But the depositors are still crying foul over the delay in settling their accounts.

Though the High Court entrusted the job of selling the properties of Sailatha Chit Funds to pay to the beleaguered depositors long ago,it is yet to make any headway. The directors after being released on conditional bails, are at large at present.There is hardly any breakthrough in the progress into the investigation of Anupama Chit Funds, which duped its depositors to the tune of Rs 50 crore. Anupama managing director Koganti Atchutha Rao is, however,trying to work out a compromise formula with his victims. People fear that more such ‘fly-by-night’companies would close their shops if police failed to do justice to the depositors.