Keshava Reddy Educational Institutions spread across Andhra Pradesh and a few districts of Telanagana may come crashing down with the CID’s decision to seek the court’s permission for attachment and auction of its properties.
The CID plans to attach and auction the school chain’s properties to refund the money founder chairman K. Keshava Reddy allegedly collected from parents of students studying in his 45-odd schools with a promise of doing away with their fee and pay back the amount when the children pass out of their 10{+t}{+h}class.
The CID move may not only put a question mark against the future of nearly 4,500 teachers and over 1 lakh students, it may also put on hold the plans made by a prominent chain of educational institutions in Andhra Pradesh to take over a few branches of Keshava Reddy schools.
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The Keshava Reddy chain moved into the eye of the storm when its found allegedly got embroiled in a financial scam to the tune of Rs. 700 crore, leaving thousands of parents high and dry.
These schools are spread across the AP districts of Kurnool, Kadapa, Chittoor, Anantapur, Srikakulam and Guntur besides Mahabubnagar and Hyderabad in Telangana.