50 Proddatureans for financing Singanamala

PRODDATUR: Film producer Singanamala Ramesh, who is in CID’s custody, is believed to have made several financial transactions in the town for a long time and several persons have financed his films.About a score of people extended loans at high interest rates to film producers from Hyderabad and Chennai. Ramesh, who hails from neighbouring Anantapur district and has some some relatives in Proddutur, also availed these loans. According to sources, about 50 residents of the town had lent about Rs 50 crore to Ramesh. He later joined hands with Bhanu Kiran, the prime accused in the case of murder of Maddelachervu Suri. Ramesh then started threatening the financiers if they demanded repayment. Hearing Ramesh drop Bhanu’s name frequently, the financiers  kept quiet.Financiers like M Chandrasekhar, VSV Satyanarayana, Venkata Subbarayudu, Bhagyalaxmi, Narayana, A Venkata Subbaiah, AC Subba Rao and Praveen who together lent  him Rs 1.25 crore, demanded repayment but Ramesh refused citing losses as a reason. He revealed his friendship with Suri and Bhanu and threatened them with dire consequences if they continued to demand.