Will refund investors money within a year: Keshava Reddy

Kurnool, Sep 10: Keshava Reddy, chairman of Keshava Reddy Educational Institutions, has assured that he would refund the investors money within a year. Kurnool SP Ake Ravikrishna produced Keshava Reddy before the media today. Speaking to the media, Keshava Reddy said that he purchased lands at various places in both the Telugu states for real estate business. He sought one year time to sell the properties to refund money to depositors. Keshava Reddy said that 4,500 staff work in his educational institutions. He claimed the he had derived greater satisfaction in providing quality education to students. I have not cheated anybody and I making efforts to resolve the issue, he added. SP Ake Ravikrishna said that cased were filed on Keshava Reddy under Sections 5, 109, 403 and 420. The SP said that Keshava Reddy collected deposits from 11,000 parents of the students in his educational institutions and 800 private persons. In all, Keshava Reddy collected Rs 470 crore deposits and availed Rs 62 crore loan from banks. Cases were filed against Keshava Reddy in Nandyal and Panyam.