Andhra Pradesh government today issued an ad-interim order for the attachment of properties of Keshava Reddy Educational Institutions and its Societies, Kurnool under section 3 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act.1999. The government also authorized the Additional Director General of Police, Crime Investigation Department, Andhra Pradesh, Hyderabad, as competent authority to file an affidavit in the respective Court to make the present orders absolute for attachment of properties . The group has properties in Andhra pradesh and Telangana in the form of schools and other assets.
The orders have been issued following the cases booked against Nagireddy Keshava Reddy @Keshal Reddy, chairman, Keshavareddy groups of schools, Andhra Pradesh and Telangana. Reddy with ” fraudulent and dishonest intention, cheated the public by receiving crores of rupees towards school fees by promising that the amount would be refunded after completion of education of the depositors wards, by giving false advertisements about their Keshava Reddy Schools/ Institutions with false promises and schemes,” the orders said.
According to the order issued today by the government, Reddy received huge amounts from the public offering attractive rates of interest for the purpose of developing his educational Institutions.
“He purchased the properties in his name and others. The accused defaulted in refund of the deposits either in cash or in kind or in any other manner to the depositors. The accused collected around Rs.750 Crores from innocent and gullible people and disappeared suddenly from August 2014,” the GO said. Based on the complaints of depositors, 5 cases have been registered at various Police Stations in Kurnool District and those cases were taken over by CID for further investigation.
In 1983, Nagireddy Keshavareddy had started his life as English Teacher and worked with different educational institutions for 10 years. In June 1993, he started a school in his name “Keshava Reddy School” in a rented building at Sanjeeva Nagar, Nandyal town with 193 students. His school students got State ranks in public examinations. At that time, he hatched a plan and introduced a new scheme with an offer to the parents that if they deposit lump-sum amount for one student at the time of joining in his school, he will provide free education, lodging, boarding, books and uniform etc. and after completion of education i.e., 10th class or otherwise leaving the school in any manner, he will return the deposited amount to the parent of the student. He collected a deposit amount of Rs.1 lakh initially and he increased the deposit amount up to Rs.3 to 5 lakhs. Many parents were attracted to this scheme and started admitting their children. As it proved to be more profitable for Keshava Reddy, he started expanding his establishment by opening schools at various places. He also expanded his education business and established 11 associated educational societies viz. (1) Sri Mahanandeshwara Educational Society, (2) Sri Venkateshwara Educational Society, (3) N.Keshava Reddy Educational Society, (4) Sri Surya Educational Society, (5) Sri Kanaka Durga Educational Society, (6) Sri Satyanarayana Swamy Educational Society, (7) Keshava Reddy Educational Society, (8) Sri Keshava Reddy Educational Society,(9) Bharath Reddy Educational Society, (10) Keshava Reddy Educational Trust and (11) Saraswathi Educational Society. Likewise, around 50 schools were established in Andhra Pradesh and Telangana states. As per the order 44 properties in Andhra Pradesh worth Rs 80,67,14,446 and four properties in Telangana worth Rs 24,55,12,738 will be attached.
