Telangana: Man dupes 2,000+ people in ₹140cr fake job scam
Telangana's CID has arrested Thippeneni Ramadasappa Naidu, Chairman of the Mudra Agriculture Skill Development Multi-State Co-operative Society Limited, for running a ₹140 crore scam that tricked more than 2,000 farmers, job seekers, and daily wage workers.
Naidu and his son, Thippeneni Sai Kiran, allegedly posed as a government-linked group and promised fake jobs and big returns to get people to invest.
Society set up 330 branches across several states
The society set up 330 branches across several states and pushed around 1,600 employees to hit tough deposit targets—sometimes even cutting their pay.
Many victims handed over original certificates and cash for "share capital" or "investment bonds," only to have their hopes dashed.
The CID has filed 10 cases against Naidu and his son for cheating and conspiracy; both are now in custody as police work to track the missing money.
Authorities are urging everyone to double-check financial schemes with the RBI before investing.