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VISAKHAPATNAM: Mr S. Sivarama Krishna Prasad, Managing Director of Sunkara Marketing Pvt Ltd here, was arrested on Saturday evening following complaints from some of his customers, as he had floated a money circulation scheme and allegedly collected more than Rs 3.5 crore from the public.

According to the police, Prasad had floated a money circulation scheme offering several prizes to the public and also hefty commissions. He enrolled as many as 20,000 members from the north-coastal districts of Visakhapatnam, Vizianagaram and Srikakulam besides East Godavari and also some districts of Orissa.

Each member had paid Rs 1,800. He also introduced a scheme for providing provisions to his customers from select shops and a smart card was introduced for the purpose. The scheme came unstuck when he could not honour the commitments and some of his customers complained to the police on Saturday.

More Stories on : Economic Offences | Andhra Pradesh

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