Amaravati, December 25: An Assistant Sub-Inspector posted at Gajuwaka Traffic Police Station in Visakhapatnam faces charges for running an unauthorised deposit scheme that defrauded four junior constables of about Rs 15.3 lakh. The accused, identified as M Raju, built trust with subordinates by promising attractive monthly returns on investments collected between June and August 2023.
He paid initial returns of around Rs 10,000 per lakh for two months to establish credibility, but later stopped payments, blaming losses in share market and cryptocurrency trades. When victims pressed for repayment, he reportedly issued threats.
One of the constables, Peddinti Sanyasi Naidu, filed a complaint leading to the FIR at Gajuwaka police station. The case invokes relevant sections under the Bharatiya Nyaya Sanhita and provisions of the law banning unfair deposit schemes. No arrest has been reported yet as probe continues.
