DPEP scam: Kingpin Sarasa Devi had a tryst with the booming real estate biz

Syed Akbar

Hyderabad, April 8: Multi crore DPEP scam kingpin Sarasa Devi had a tryst with the booming real estate business too and she had developed a township in Rajendranagar mandal in association with an influential realtor from Kadapa district.

According to highly placed sources in the city crime station police, Sarasa Devi along with realtor M Ramachandra Reddy, who is the son-in-law of a senior Congress legislator from Kadapa district, borrowed Rs 28.31 lakh as loan under account No. CCM 182 from Vijaya Bank on September 28, 2000. Sarasa Devi did not repay the loan.

The Vijaya Bank management issued a demand notice on December 10, 2003 (also published in newspapers) to Sarasa Devi and Ramachandra Reddy, managing director of Anuradha Properties and Township Private Limited stating that they had defaulted payment and the loan amount had shot up to Rs 42.91 lakh with interest. The police had seized the demand notice and are in possession of the loan documents.

Sarasa Devi and Ramachandra Reddy, both classmates, had borrowed loan from Vijaya Bank on the pretext of purchasing a 4840 square yard plot under survey No. 96/6 at Bandlaguda in Rajendranagar mandal. The plot was sold two years prior to obtaining loan.

The scamster developed a township on the plot and adjoining land and sold it. Two years after selling the plot they managed the Vijaya Bank to obtain the loan.

The demand notice was issued by the bank to their addresses at: Sarasa Devi, Saroos Advertisement and Communication, plot 113, 4th main road, Balamrai, Mahendra Hills, Secunderabad and M Ramachandra Reddy, managing director Anuradha Properties and Township Private Limited, G-9, right wing, Amrutha Villa, Somajiguda, Secunderabad