Visakhapatnam: The Uttar Pradesh Shreya Group Group, founded by Hemant Kumar Rai in 2020, has been caught in complaints about illegally collecting deposits and cheating individuals in Telugu State.
Investors said the company attracted them through a promise of high returns and “doubled” its deposits within 15 months. Both states have brought up FIR, as well as Uttar Pradesh targeting key individuals, including the chairman’s family and board members.
The company reportedly gathered over Rs 1,000 crore from the states of the two Telugu states by hiring former waiters as agents.
Initially, the group provided a commission of Rs 2,080 for each deposit of Rs 1 lakh, which helped build significant trust among potential investors; they received interest paid quickly. This has led to a surge in deposits driven primarily by word of mouth publicity. Agents have facilitated a large inflow of public deposits driven by committees and incentives.
Investors are claimed that their deposits will generate Rs 12,000 per month at interest of Rs 12,000. However, many say they received only Rs 6,000 in the first month. The agent assured them that the entire interest will be paid from the “next” month and that their deposits will double in just 15 months.
The complaint surfaced as interest and major payments ceased, prompting clients to file a police complaint.
Investors said the company illegally collected tens of millions of rupees nationwide, attracting individuals with a promise of massive return on investment. FIR was proposed to Hemant Kumar Rai at the police stations of AP and UP.
In Andhra Pradesh, FIRs for 26 people have been delivered, including Hemant Kumar Rai’s wife, Chief Managing Director Sangeetha Rai and his daughter. Other names include Vice Chairman Shreya Rai and several members of the board of directors, namely Gudem Srinivasulu, Kesava Reddy, Damodar Reddy, Ganta Nanaji, M Shekhar, Dokkari Padmavati, as well as Head and Advister Dokkari Tatayya and South India Head and India Head and Adviss and Assive dokkari Padmavati in northeast India.
Another FIR was also proposed to the company in the Gomti Nagar police station in Uttar Pradesh.
Headquartered in Lucknow, the Shreya Group has raised a large amount of money from the public around the country. Most of the agents are ex-persons.
