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One Year Jail Term for AP Minister's Relative
By: Tupaki Desk | 30 Jun 2017 9:40 AM GMT
A Court in Kurnool sentenced Nagireddy Keshava Reddy (58), the chairman of Keshava Reddy Educational Institutions, to one year in prison in connection with a Cheque Bounce case.
Keshava Reddy borrowed Rs 25 lakh from N Balayya in the past. He issued a cheque as part of the settlement of the money he owes. Balayya approached court after the cheque got bounced due to lack of funds. Court found Keshava Reddy guilty of cheating and pronounced the final verdict.
Apparently, Keshava Reddy is the prime accused in Rs 700 crore deposit scam. He collected refundable deposits ranging from Rs 1-3 lakhs from parents of students studying in his 40 schools in AP & Telangana on condition that their children can study in any of his schools without paying fee till they pass 10th Class. However, Keshava Reddy didn't refund the deposited money after the students cleared 10th Class. Post his arrest, He confessed investing the deposits in real estate but couldn't earn returns as expected due to the slump. He obtained bail in connection with this case only recently.
Keshava Reddy is the Brother-in-Law of AP Minister & Jammalamadugu MLA Adinarayana Reddy.
Keshava Reddy borrowed Rs 25 lakh from N Balayya in the past. He issued a cheque as part of the settlement of the money he owes. Balayya approached court after the cheque got bounced due to lack of funds. Court found Keshava Reddy guilty of cheating and pronounced the final verdict.
Apparently, Keshava Reddy is the prime accused in Rs 700 crore deposit scam. He collected refundable deposits ranging from Rs 1-3 lakhs from parents of students studying in his 40 schools in AP & Telangana on condition that their children can study in any of his schools without paying fee till they pass 10th Class. However, Keshava Reddy didn't refund the deposited money after the students cleared 10th Class. Post his arrest, He confessed investing the deposits in real estate but couldn't earn returns as expected due to the slump. He obtained bail in connection with this case only recently.
Keshava Reddy is the Brother-in-Law of AP Minister & Jammalamadugu MLA Adinarayana Reddy.
