Hyderabad: The death toll in the alleged illegal microfinance scam in Telangana’s Nalgonda district rose to four after another victim died on Monday, April 27.
According to local reports, Pathi Ramesh, a resident of Pathi Thanda in Peddavoora mandal, reportedly died of a heart stroke. Family members said he had fallen into depression after suffering heavy financial losses in the scam.
The case pertains to an alleged high-return investment fraud, in which the accused, Ramavath Balaji Naik and Madhu Naik, are said to have collected money from hundreds of people by promising monthly returns ranging from 10 to 18 per cent.
Police have arrested the two accused in Nalgonda. Preliminary investigations suggest that the scam involved cheating investors of around Rs 50 crore to Rs 68 crore.
Following Ramesh’s death, his relatives staged a protest outside Vijayapuri police station, demanding strict action against those responsible. They alleged that financial distress caused by the scam has pushed several victims into severe mental strain.
