Overview
- Ramavat Balaji Naik, identified as the scheme’s leader, was arrested earlier this week as police widened the probe with four additional arrests from Palugutanda.
- The newly arrested include Ramavat Chiranjeevi, Ramesh Nayak, Ramavat Suresh Nayak, Mahesh, and Ramavat Vinod, who allegedly recruited depositors with promises of extraordinary returns.
- Investigators say a sham software company and local agents drew in villagers using promissory notes and initial monthly payouts before the operation collapsed about six months ago.
- Friday’s seizures add ₹6.77 crore in properties to earlier recoveries of around ₹7.5 crore, with items including SUVs, promissory notes, mobile phones, and other valuables identified for court action.
- Cases have been filed at Gudipalli under BNS sections 316(2) and 318(4) and the Telangana Protection of Depositors Act, with police citing the Prize Chits ban law as victim counts and loss estimates reported by outlets continue to vary.