Real estate company MD arrested for cheating

Andhra Pradesh Police today arrested the managing director of a real estate company in Nellore district for allegedly cheating depositors. 

V Sundaram, MD of Siri Gold Farms and Estates Pvt Ltd, has been accused of defaulting on payments to depositors after collecting crores of rupees from them for various schemes in Andhra Pradesh, Tamil Nadu and Karnataka. Sundaram was arrested from Kavali town of Nellore district on the basis of a complaint lodged by one of the depositors who accused him of failing to make payments after assuring high returns on money deposited with the company, said Kavali Circle Inspector, Prasad. 

Siri Gold started operations in April, 2008, and, according to its website, deals with agricultural/ horticultural, commercial land and industrial businesses. The complainant alleged that Sundaram defaulted on payment on his deposit after making a part payment, police said. As many as 10 cases have been registered against Sundaram in Nellore for allegedly cheating depositors after collecting sums to the tune of Rs 95 crore from people in AP, as also in Karnataka and Tamil Nadu, with promise of high returns and plot allotments, police added. 

Kavali police said they have registered a case of cheating against Sundaram under IPC and relevant sections of AP Protection of Depositors of Financial Establishments Act with further inquiries on into the matter.