metro india news  I hyderabad

A massive scam worth over Rs 200 crore has come to light in the Palamuru-Rangareddy Lift Irrigation Project area, exposing how more than 2,500 families were taken for a ride by a private finance company. Families invested their entire compensation amount received from the government in Om Sai Sriram Finance company on the promise of high returns.

Civil rights activists demanded immediate government intervention and judicial action in a press conference held in Hyderabad on Monday. But once the funds were collected, the company stopped all communication. Those who tried to retrieve their money reportedly faced threats and harassment. The consequences have been tragic. At least 105 people have reportedly died by suicide, including 30 who consumed poison. The emotional and financial toll on the affected communities has been devastating.

Activist Arunodaya Vimala strongly condemned the exploitation of the poor, pointing out that while land in the region is valued at Rs 30 to Rs 40 lakh per acre, affected families were compensated with only Rs 3 to Rs 4 lakh. She alleged that the finance company was set up specifically to exploit vulnerable people and vowed to continue supporting the victims.

Activist Pasham Yadagiri urged the media to shed more light on such scams and called on the government to ensure fair compensation. “This is not just financial fraud; it’s a direct attack on the lives of the poor,” he said, pledging to visit every affected village and stand by the victims. It is alleged that the funds collected from victims were diverted to finance political campaigns in the Wanaparthy and Nagarkurnool constituencies, possibly to gain political protection and enable future scams.

One of the victims, Yellamma, shared a harrowing account. She said she was verbally abused with caste-based slurs and even threatened with death when she asked for her money back. Battling cancer at the time, she needed the funds for chemotherapy. “They didn’t treat me like a human being. They told me to go ahead and complain, as if they didn’t care at all,” she said.

According to police officials in Nagarkurnool, the scam was operational between 2014 and 2020, affecting residents across Nagarkurnool, Wanaparthy, and surrounding areas. Superintendent of Police Gaikwad Vaibhav Raghunath said that Saibaba used the embezzled money to purchase about 50 acres of land and an apartment in Hyderabad, registering them under the names of relatives and associates to make them harder to trace.

So far, five people have been arrested: Etyala Saibaba, his son Etyala Sai Deekshith, Anupati Srinivasulu, Givva Venkateshwarlu, and Orsu Hussain. A total of 14 individuals have been named in the case, with several others—reportedly including software professionals and financiers—still absconding. Victims and activists continue to demand urgent government action to bring all those responsible to justice and ensure the stolen money is returned to the families who desperately need it.