Subhadarsi scam victims demand fast track court

Advocate Vijay Kumar, who has taken up their case, says that the victims will form into an association and will strive to get justice

The victims of Subhadarshi Chits Funds, which closed its shutters recently, discuss their future course of action in Vijayawada on Monday. Photo. Ch. Vijaya Bhaskar

Over hundred victims of Subhadarsi Chit Funds which downed its shutters recently in the city, met at the Press Club on Monday and demanded setting up of a fast track court to expedite the legal proceedings.

The company, after winning the trust of its members, started dilly-dallying on payments thus creating a sense of insecurity among the investing public.

“From reliable sources we came to know that he had invested in and around Hyderabad in real estate. We want the police to intervene and unearth all his benami property,” said K.N. Sankar Rao, a victim who once worked with Subhadarshi managing director P. Sankar Rao at Margadarshi Chits Funds.

The victims, including housewives, shared their woes and narrated their agonising tales. There were a good number of accounts opened by NRIs through their contacts in the city.

“I started by financial transaction with Subhadarshi from 2007. He was so punctual and trustworthy I started re-investing. All of a sudden he played spoilsport and I lost nearly Rs. 35 lakh, says Roop Singh, a retired depot manager with APSRTC. For Roop Singh the money was meant to take care of his post retirement needs.

Precious earnings

Most of the victims invested in chits with an aim to meet the expenses of their daughter’s marriage or their son’s higher education. “My money which I lost was meant to send my son to the UK for higher studies this year. He (Sankar Rao) shattered my dreams,” said a housewife for Ibrahimpatnam, in anonymity.

A majority of them justified their greed for more interest and blamed the existing banking system which offered a meagre interest on their savings.

Advocate Vijay Kumar, who has taken up their case, said that the victims would form into an association and would strive hard to get justice. “Setting up a fast court is important to get speedy justice. Any delay will compound the miseries of the hapless victims”.

Meanwhile Krishna Lanka police have already taken Mr. P. Sankar Rao into custody and they have started their inquiry. The victims also demanded the arrest of Mr. Patel and Mr. Satyanarayana, both directors of the company.