Mangalagiri Ponzi Scheme: Rs. 200 Crore Fraud Exposed, Victims Demand Justice

• A 'Ponzi' scheme in Mangalagiri defrauded investors of over Rs. 200 crores by promising exorbitant monthly interest.
• Victims, including middle-class individuals, invested their life savings and borrowed money, lured by promises of Rs. 10,000 interest per lakh.
• The company initially paid interest but later absconded, claiming bank accounts were seized and threatening victims.
• Victims appealed to BC Welfare Minister Savitha and AP Kuruba Corporation Chairman Devendrappa at a public grievance program.
• Authorities assured strict action, while the public is warned against high-interest schemes not recognized by RBI or SEBI.