Kovvuru Srinivasula Reddy, founder of Sree Virat Marketing, collected Rs 1 lakh from every member.
In April 2010, he winded up the operations, said Deputy Commissioner of Police (Detective Department) P J Victor.
Apart from cheating and other relevant sections Indian Penal Code, Reddy has also been booked under `AP Protection of Depositors of Financial Establishments Act, 1999'.
