Managing director of Vedha Agro Farms Developers arrested

VISAKHAPATNAM (AP): Vedha Agro Farms Developers Managing Director V Kumar Swamy, who allegedly duped around 525 people in the city and collected Rs 1.75 crore by introducing various schemes offering high interest on deposits, was arrested by the police here today.

Acting on a tip-off, the police arrested him from the Narsipatnam area in the district today and recovered documents of land worth Rs 32 lakh, 26 grams of gold ornaments, three laptop computers and an LCD monitor.

According to the police, Kumar Swamy of Mamulur village in Warangal district alleged began Vedha Agro Farms Developers at Akkayyapalem area in the city in August 2012 and collected deposits from gullible investors by promising them hefty interest on their deposits.

Allegedly, Swamy wound up his company in December 2012 after collecting around Rs 1.75 crore, after which one of his depositors filed a police complaint against him.