KCR Shielding Chit Fund Scam Kingpin: Congress

Telangana Roads and Buildings Minister Komatireddy Venkat Reddy today sparked controversy with his accusations against former Chief Minister and BRS president K Chandrashekar Rao.

In a recent interaction with party activists and the public, Reddy accused KCR of shielding Perala Srinivas Rao, the chairman of Akshara Chit Funds, an organization at the centre of a massive financial fraud that had left numerous depositors defrauded of crores of rupees.

The minister drew a comparison between the chit funds scandal in Telangana and the Agrigold scam that had rocked Andhra Pradesh in the past.

He said that the Akshara scam of over Rs 500 crore was allowed to persist due to the protection extended by political figures including KCR.

Reddy accused Perala of benefiting from political patronage, specifically alleging that the latter had been shielded by former minister Errabelli Dayakar Rao and former CM KCR himself.

"This individual (Srinivas Rao) had been under the protection of powerful political figures for years, enabling the scam to continue unchecked," Reddy said.

He alleged a lack of accountability in the case, and urged a thorough investigation into the fraud.

"A detailed probe has already been ordered by the State DGP, and I will personally liaise with Chief Minister Revanth Reddy to address the irregularities and ensure justice is delivered," Reddy said.

He also said that legal action would be taken against all the individuals involved in deceiving the public, and that the investigation would expose the full extent of the scam and its connections to political figures.

Reddy's remarks have drawn attention from both political circles and the public, with many calling for swift action against those involved in the scandal. The Akshara Chit Funds scam has sparked widespread outrage, with depositors demanding justice and compensation for their losses.