Uproar in Visakhapatnam: Victims Rally Against 'Chandu Group' Fraud

Protesters gathered in Visakhapatnam, alleging massive fraud by the 'Chandu Group,' which they claim has defrauded them of Rs 20 crore through bogus investment schemes. Despite filing complaints, victims demand swift legal action. The group, led by Nadigatla Mohan Rao, promised high returns but failed to deliver.

Chaos erupted in Visakhapatnam as around 350 individuals gathered outside the Police Commissionerate on Monday, demanding justice against the 'Chandu Group.' The protesters allege that the firm has defrauded them of nearly Rs 20 crore through fraudulent investment schemes.

The group's operation, led by Nadigatla Mohan Rao, known locally as 'Chandu,' attracted investors by offering returns significantly higher than traditional banks. For the first two to three years, consistent interest payments instilled confidence among investors.

However, since early this year, the firm reportedly defaulted on its financial obligations, leaving many in financial despair. Victims are urging rapid legal action, asset freezes, and thorough investigations to recover their lost savings.