The Nagarjuna group incorporated NFL as an NBFI and accepted fixed deposits with a minimum amount of Rs 5,000 for periods of 12, 24, 36 and 54 months by promising an interest rate of 14, 14.25, 15.5 and 18.5 per cent respectively. It collected deposits of Rs 98.3 crore from 85,160 depositors for the year 1997-98. Deposits of 16,122 depositors amounting to Rs 23.02 crore matured on December 31, 1999. But the company defaulted on repayment of the matured deposits.
The powerful blast blew up the police gypsy killing Bundu DSP Pramod Kumar Sinha and two constables on the spot, Deputy Inspector General (DIG) of Police R K Mullick told PTI. Later, two other constables succumbed to their injuries on way to Rajendra Institute of Medical Sciences, Mullick said.
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