Father-Son Duo Behind Rs 140 Crore Mudra Scam Arrested in Hyderabad

The Telangana Crime Investigation Department (CID) arrested Tippaneni Ramadasappa Naidu, 61, chairman of Mudra Agriculture Skill Development Multi-State Cooperative Society Limited, and his son, Tippaneni Sai Kiran, 43, a key member, for orchestrating a Rs 140 crore fraud by misusing the branding of the Centre’s Pradhan Mantri Mudra Yojana (PMMY). The father-son duo, apprehended in Amaravati and Hyderabad respectively, were remanded to judicial custody on Tuesday after defrauding over 2,000 farmers, unemployed youth, and daily wage workers across Telangana and Andhra Pradesh.

Established in 2017, the society falsely posed as a government-backed entity, mimicking PMMY to lure victims with promises of high-interest returns and permanent government jobs. Advertisements in Telugu newspapers, particularly Eenadu, offered 2,000 “government marketing supervisor” positions, prompting victims to submit original educational certificates and pay for “share capital” and “investment bonds.” The society, with 330 branches and 1,600 employees, collected Rs 140 crore, much of which was diverted for personal use, including industrial plots in Anantapur, Andhra Pradesh, and properties in Keesara, Telangana, per CID findings.

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CID Additional DGP Charu Sinha revealed employees faced salary deductions for failing to meet deposit collection targets, and resignees were denied refunds, threatened with smear campaigns in the society’s “Margadarshi” newspaper, and coerced into signing blank papers. Ten cases have been registered across Telangana, under IPC sections 406, 420, 506, 409, and the Telangana Protection of Depositors Act. The CID issued a public advisory to verify financial entities with the RBI.

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