The Telangana CID arrested Tippaneni Ramadasappa Naidu, 61, and his son Sai Kiran, 43, after uncovering a ₹140 crore scam. The two ran a multi-state cooperative society named “Mudra Agriculture Skill Development,” falsely branding it as a PM Mudra Yojana (PMMY)-linked entity.
Established in 2017, the society leveraged the central government’s credibility to win public trust. Naidu and his son presented their operations as part of an official initiative, tricking thousands—especially from rural areas—into believing they were dealing with a government-sanctioned body.
Exploiting Aspirations: Farmers, Youth, Daily Wage Workers Targeted
Through aggressive advertisements in regional newspapers, the scam reached thousands of farmers, unemployed youth, and daily wage earners. Victims were promised high investment returns and secure government jobs. Many were even told the society would evolve into a government-backed bank within two years, offering permanent employment.
To maintain this illusion, the society posted fake job openings for 2,000 “government marketing supervisor” roles, collected original documents from applicants, and demanded large sums as deposits for share capital and bonds.
A Vast Network Built on Lies
The society grew rapidly, establishing over 330 branches across Telangana and Andhra Pradesh and employing 1,600 field agents to collect deposits. Employees faced harsh working conditions—those who didn’t meet targets had their salaries docked, while those who quit were reportedly denied refunds, coerced, and forced to sign blank documents.
CID officials said the scam collected around ₹140 crore. A portion of these funds was used to purchase industrial land in Andhra Pradesh’s Anantapur district and properties in Telangana’s Keesara region.
Investigation, Arrests, and the Fallout
The fraud came to light after multiple victims filed police complaints. The CID traced the money trail, gathered evidence, and arrested the duo. Authorities said the elaborate setup appeared professional, yet deliberately crafted to mislead the public.
The CID has initiated legal proceedings and is now investigating the full extent of financial misuse and possible accomplices. Officials are also working to recover the assets acquired using illicit funds and provide relief to the victims.
