Yesterday, Kesava Reddy, the Chairman of Kesava Reddy Educational Institutions was arrested by Kurnool district police on the charges of Rs 700 Crore worth scam.
The educational baron, who has started number of branches in the Rayalaseema region of Andhra Pradesh, has reportedly collected lakhs of deposits from parents promising that they need not play anything until the students reach 10th class, has invested the amount in real estate. Parents are now worrying about the future of their Kids as they have deposited in lakhs for the better future of Children.
Apart from this, he also is booked for taking huge loans from banks and not repaying them. Few banks have already put some of his properties for auction.
People feel that since government is not taking serious action against such scammers, everyone is daring to cheat people. Government on the other hand is cautioning people from not trusting such people. Recently Agri Gold has also found to be doing scam worth Crores. Both these used the scheme of Deposits to cheat people.
