Financial fraud: Elusive SIMS director arrested at Yanam

Srinivasa Reddy, director of Secured Investment Making Services (SIMS), who was eluding the police for the past two months after committing financial fraud to the tune of Rs 500 crore in Visakhapatnam, Vizianagaram and Srikakulam districts, was taken into custody on Sunday.

On the tip-off that Srinivasa Reddy was hiding at Yanam, the fourth town police arrested him and brought him to Visakhapatnam. 

Surendra Gupta, Managing Director of SIMS was arrested in February along with three other directors. The police filed a charge-sheet stating that Surendra Gupta and his directors cheated 35,000 depositors in 17 branches to the tune of Rs320 crore. 

A depositor cum agent had been committed suicide jumping into a running train at Anakapalli two after the company downed its shutters. 

-Sakshipost