Govt gives nod for attachment of Shreya Group properties

Vijayawada: The state government initiated action against the Shreya Group for allegedly cheating the public in Kurnool district. Operating under the name Shreya Infra Marketing, the company is accused of carrying out a massive financial fraud by luring investors with promises of high returns.

According to official sources, the firm collected about Rs 206 crore from 8,128 depositors by offering investment schemes under the names PPB, GIP and VIP. Following complaints from victims, the government has directed the Criminal Investigation Department (CID) to register a case and take up a detailed probe.

The government has also granted permission to the CID to attach the assets belonging to the Shreya Group, including properties registered in the names of the accused, Hemanth Kumar Ray and Sangeetha Ray.

As part of the action, 51.55 acres of land located at Parumanchala in Jupadu Bungalow mandal are set to be seized.

In the case, the Shreya Group has been named as Accused No 1, Hemanth Kumar Ray as Accused No 2 and Sangeetha Ray as Accused No 3.

CID officials have found that properties were purchased at several locations using the cheated funds.

The government has directed the director general of police to ensure further legal action in the case.