By Udumula Sudhakar Reddy
Big shots holding huge lands in the AP capital area along the National Highway are falling into the police net one after the other. Investments to the real estate sector by collecting deposits and loans from the public and not repaying them is the common modus operandi adopted by all these accused.
After Agrigold, that owns Hailand and a large chunk of land near Mangalagiri of AP capital worth hundreds of crores, it’s now the turn of educationist Keshava Reddy. He collected deposits not only in AP but also in TS. Keshava Reddy owns 4.4 acre prime land with a school building complex opposite Acharya Nagarjuna University in Peda Kakani of Guntur. Each acre would cost Rs 10 crore in this area along NH9.
A senior AP police official said, “We have identified 42 properties including 40 schools of Keshava Reddy. There are two individual properties belonging to him. He has a school in prime areas like Peda Kakani and Hyde-rabad. We have come to know that he has made an agreement to sell the Peda Kakani land and we are not sure yet whether he had registered it. We are now going through the legal process to ensure that he cannot sell the lands.” Police said he had confessed to collecting `547 crore from 11,000 members.
“The complainants are slowly approaching us. The case is now going to the Economic Offences Wing of the CID," the officer said.
“In Kurnool alone, Keshava Reddy owns 15 properties. He took loans and deposits promising more interest and went on an expansion mode. We are also looking at the diversion angle. Keshava Reddy started as school teacher in Warangal district and started educational institutions,” said the police official.
Police said the education department is taking measures to ensure that the schools are run.
Big shots holding huge lands in the AP capital area along the National Highway are falling into the police net one after the other. Investments to the real estate sector by collecting deposits and loans from the public and not repaying them is the common modus operandi adopted by all these accused.
After Agrigold, that owns Hailand and a large chunk of land near Mangalagiri of AP capital worth hundreds of crores, it’s now the turn of educationist Keshava Reddy. He collected deposits not only in AP but also in TS. Keshava Reddy owns 4.4 acre prime land with a school building complex opposite Acharya Nagarjuna University in Peda Kakani of Guntur. Each acre would cost Rs 10 crore in this area along NH9.
A senior AP police official said, “We have identified 42 properties including 40 schools of Keshava Reddy. There are two individual properties belonging to him. He has a school in prime areas like Peda Kakani and Hyde-rabad. We have come to know that he has made an agreement to sell the Peda Kakani land and we are not sure yet whether he had registered it. We are now going through the legal process to ensure that he cannot sell the lands.” Police said he had confessed to collecting `547 crore from 11,000 members.
“The complainants are slowly approaching us. The case is now going to the Economic Offences Wing of the CID," the officer said.
“In Kurnool alone, Keshava Reddy owns 15 properties. He took loans and deposits promising more interest and went on an expansion mode. We are also looking at the diversion angle. Keshava Reddy started as school teacher in Warangal district and started educational institutions,” said the police official.
Police said the education department is taking measures to ensure that the schools are run.
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