A vice-principal at the Government Arts College in Anantapur, identified as Padma Sri, was on Tuesday accused of cheating several people of ₹7 crore over a period of two years by promising them high interest rates.
A woman named Sujatha, working as a teacher at the Kadiri ZP High School, said in a written complaint submitted to the Kadiri police that she had invested an amount of ₹1.20 crore in a company named Sigma Six, which was allegedly promoted by a relative of Padma Sri, after being promised a return of 30%. Ms. Sujatha said that she had deposited the money with Padma Sri and her partner Shamima. Out of the ₹1.20 crore, she was returned only a small amount, Ms. Sujatha said, adding that she was yet to get back ₹87 lakh.
Kadiri Circle Inspector K. Srinivasulu said that they had filed an FIR against Padma Sri and Shamima. Padma Sri is absconding and we are interrogating Shamima, the CI said. The Inspector said that Shamima acted as a channeling agent for Padma Sri, who had promised to invest the money in Sigma Six, which was supposed to be supplying laboratory chemicals to colleges and setting up infrastructure for online classes.
“Wanting to earn easy money herself, Shamima thought of keeping 20% of the profits for herself and got some investors at 10% interest and got entrenched in the whole thing during the COVID-19 pandemic,” the police added. Many of the investors were shying away from lodging a written complaint against the accused persons, hence the police were unable to take any action, the CI added.
