Complaints Against Financial Company for Late Deposits – The New Indian Express

By Express press service

VIJAYAWADA: Clients of the real estate and financial company ‘Welfare Group’ filed complaints with the Gudivada police on Wednesday claiming that the management of the company had not reimbursed their deposits.

About 50 female customers from Gudivada, Nandivada, Hanuman Junction and other places approached Gudivada II city police alleging that the company had cheated customers out of Rs 5 crore and they were not refunding their investments despite the completion of the mandate.

Customers alleged that Malla Vijay Prasad, a former MP and chairman of the AP Education and Welfare Infrastructure Development Corporation (APEWIDC), was behind the scam. The women further alleged that Prasad pressured the police not to press charges against them.

Gudivada DSP N Satyanandam told TNIE that the police are investigating the complaints and have assured customers that action will be taken against those responsible and justice will be served.

He added that the majority of customers are poor and middle class. They invested their savings in the business thinking it would bring good returns. “A case will be registered after taking legal advice.”