Siri Shopping MD, wife arrested

By Staff
|
Google Oneindia News

Visakhapatnam, May 30 (UNI) The city police today arrested Siri Shopping Finance Managing Director J Kumaraswamy, his wife and a company Director Nirmala Swamy in connection with the scam involving the company that surfaced two days ago in Gajuwaka.

The other five directors of the company -- B Venkateswara Rao, J M K Prasad, P Ravi Kumar, K Ganeswari Bhai and B Ravi Kumar -- were also taken into custody. Besides, police seized ten cars worth Rs 30 lakh. The office of the company had been sealed and the arrested were sent to judicial custody.

According to Gajuwaka station house officer Ravi Varma, Kumaraswamy had started the company with an offer of a discount card worth Rs 600. After getting a good response, he along with the other directors had launched a scheme where one would get double the amount in ten months by depositing Rs 6,600.

Siri Shopping Finance was started in 2005 and later was incorporated as Siri Shopping (Pvt) Limited in 2006.

UNI

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