EBIDD ‘FRAUD\': Cops fail to arrest prime accused in huge cheating case

Anantapur: Two months since the cheating case involving tens of crores by a trading company came up, the district police has not arrested the main accused while he is trying to get anticipatory bail.

Sunil Kadiyala, prime accused in the cheating case, has been hiding since April after a case was registered by Dharmavaram police. A racket operated in the name of EBIDD trading company that offered a monthly benefit of `30,000 on those investing Rs1 lakh in the firm.

Suni Kadiyala and Santhosh kumar Kadiyala of Venkatapuram village in Ramagiri mandal, both brothers, started EBIDD Traders Company a year ago. In fact, the name itself was fraudulently drawn from a north- based company, it is alleged.

Sunil had appointed Mahendra Chowday, his brother-in- law Sudhakar Naidu and several others as agents for the firm. They bluffed people by saying the company funds pertained to its operations in share market via offline trading. They targeted the rural parts of the state and wooed unsuspecting people into the investment plan from December 2019 and collected huge funds.

According to sources, the company had collected more than `40 crore from rural folks and farmers in the district and outside.

Dharmavaram rural police registered a case based on complaints by victims against the trading company for not repaying their amounts or interest, and arrested Mahendra Chowdary along with some documents and a vehicle in April.

But, the police are not arresting prime suspect Sunil Kadiyala and he is reportedly trying to get anticipatory bail. Cops are giving him time, it is suspected.

The victims are unable to get justice. "Most of the investors were farmers from rural areas of Puttaparthi, Dharmavaram, Belaguppa and Tadipathri," sources said.