Board of a private bank in Andhra Pradesh overturned. The company plunged the depositors vertically with the money they deposited in the bank. With this, the depositors got frustrated with this fraud and they are urging for the return of their money which they deposited. Details a private bank named Amravati Mutually Aided Multipurpose Cooperative Society Limited has been set up in Krishna District. The bank is targeted at small businesses and middle-class families. It operates branches in Nuziveedu, Thiruvuru, and Visannapetal in the Krishna district. This private bank has set up some agents and through agents targeted that businessmen and middle-class families can pay as much as one 100 rupees a day. Those who did so showed high-interest hopes. The matter was strongly taken into the public through agents.
With this, it seems that more than 500 depositors have deposited money in the banks. Most of the victims were paid at the rate of Rs.500/- per day for one year and hoped to get around 1Lakh 92 thousand per annum including the deduction of 8 percent interest. As the year went on, the victims became concerned as they had not yet paid the original but interest. It seems that there are 150 to 200 depositors in a Nuziveedu and up to Rs 50 lakh has been collected. Responding to the incident, local SI Ganesh Kumar said that a case has been registered against the company and is being investigated.
The victims then informed Nuziveedu MLA Meka Pratap Apparao about the injustice done to them. They asked him to see that injustice was done to them. With this, MLA Meka Pratap Apparao related to this incident asked District SP Rabindranath Babu and Nuziveedu DSP Srinivas. However, experts are urging people not to deposit money in such private banks in the hope of getting higher interest rates.