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Nagarjuna Finance Ltd Promoter and Director arrested
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Nagarjuna Finance Ltd Promoter and Director arrested
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Nagarjuna Finance Ltd Promoter and Director arrested

DCP says over 700 warrants issued were pending against them


The Police arrested the original promoter KS Raju and Director PK Mahadevan of Nagarjuna Finance Limited (NFL) due to failure of repayment of matured amounts to the depositors on Monday. According to Hyderabad Detective Department DCP, RS Praveen Kumar, the two are arrested under section 5 of the Andhra Pradesh Protection of Depositors of Financial Establishment Act. Nearly 700 warrants issued by courts across the country were pending against them. The Nagarjuna Finance Limited was set up in the year 1982 by Chairman of Nagarjuna Group KS Raju.

According to reliable sources, the NFL raised deposits worth crores of rupees from people with an assurance of high rate of interest. When the company failed to repay the matured deposits since 1999, crisis erupted and hundreds of depositors lodged complaint with the police across the State while the company management secured order from the High Court staying proceedings against them by the police.

Meanwhile, the NFL in 2000 announced that it was acquired by Mumbai-based Mahalakshmi Factoring Services Limited and hence was absolved of repaying the depositors. Following a counter petition filed by the Hyderabad police a few months ago, the High Court vacated the stay order on September 18, 2008 clearing way for legal action against the company.

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