Home India Solar scam: AP engineer held for swindling eight people of Rs 2.5 crore
Solar scam: AP engineer held for swindling eight people of Rs 2.5 crore

Solar scam: AP engineer held for swindling eight people of Rs 2.5 crore

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The White Collar Offence (WCO) team of city’s Central Crime Station (CCS)arrested a 55-year-old man for duping eight people to a tune of over Rs 2.5 crore.Deputy Commissioner of Police (DCP),CCS, Avinash Mohanty said that the accused Veluvarthi Venkata Bhaskar Jagannadh,a resident of Kakinada in Andhra Pradesh, is a civil engineer and has worked with Sungdo Solar Power Systems Pvt. Ltd. in 2012 at Kondapur and then shifted to Habsiguda in 2014. He collected money from different clients who approached for loan facility, engineering, procurement and construction for the establishment of solar power plants.

The accused collected Rs 35 lakh from Bhasvath Solar Power Pvt. Ltd. and Rs 21 lakh from Gayathri Solar. He collected Rs 60 lakh from ABR Infra and Power at Venkatapuram, Nellore,Rs 16 lakh from R.J. Solar at Narsaraopet of Guntur district,Rs 40lakh from Retrofit of Vishakapatnam, Rs 20 lakh from Superna services in Hyderabad,Rs 15 lakh from Dhana Laxmi Solar at Madanapalli of Chitoor district and Rs 10 lakh from Sri Bhanuteja Solar Power industry of Mahabubnagar district.”He collected the money with false promises to provide loan facility from different banks, to provide equipment and EPC facility to establish solar power plants.

He lured the victims into believing he had power purchase agreement with Chattisgarh government and other private agencies,” the DCP said. Similarly, the CCS police arrested three persons Peddala Anji Babu Yadav, Kolapalli Naveen Kumar and Ambadas Soma for submitting fake land documents and obtaining loan from a bank.

Source:The New Indian Express

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Anand Gupta Editor - EQ Int'l Media Network

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