V'wada Police to Draft SOPs to Curb Growing Financial Frauds

WITH financial frauds such as chit fund scams, fake deposit schemes, and gold investment traps on the rise, Vijayawada City Police is planning to set up a special team to draft Standard Operating Procedures (SOPs) aimed at regulating unauthorized financial activities and protecting the public from falling prey to such schemes.

- PHANINDRA PAPASANI @ Vijayawada

The move follows two major fraud cases reported recently in which the public suffered losses of over ₹200 crore.

In the first case, more than 50 complaints were filed at Satyanarayanapuram Police Station against Muthyala Srinivasa Rao, who allegedly collected ₹10 crore through unauthorized chit schemes by offering customers gold and attractive incentives.