In a shocking incident reported from the Turpudigavalli village in the Eluru district of Andhra Pradesh, a 52-year-old individual identified as Jaggavarapu Venugopalareddy committed suicide after he lost around Rs 30 crore he bet on Yuvajana Sramika Rythu Congress Party, YSRCP’s anticipated victory in Nuziveedu Mandal constituency.
As per the reports, Venugopalareddy was associated with the YSRCP party and had placed significant bets across various villages anticipating his party’s success. However, Jagan Mohan Reddy’s party YSRCP was wiped out by TDP-Jana Sena this assembly election. So Venugopalareddy was under immense pressure for money.
On the 4th of June, seeing the vote count turn against YSRCP, Venugopalareddy disappeared from the village, having risked a huge sum taken from several people anticipating his party’s win. However, on 7th June Venugopalareddy’s house was invaded by the lenders and all his assets including air conditioners, sofas, and beds were taken away.
Election Betting in Andhra Pradesh: Suicide Case after Rs 30 crore loss Highlights Financial Ruin
— Sudhakar Udumula (@sudhakarudumula) June 10, 2024
A devastating wave of financial ruin and personal tragedy has swept many areas of Andhra Pradesh due to extensive election betting tied to the recent general elections. Thousands of… pic.twitter.com/sa2TSvh3v6
The other day he returned to the village learning about the vandalism by lenders at his residence. Being pressurised from several people for money, he consumed pesticide. The police took cognizance of the incident after Venugopalareddy’s wife filed a formal complaint. SI Prasada Reddy said they have not yet reached any conclusion regarding the death.
The YSRCP lost the Nuziveedu Mandal constituency seat to the Telugu Desam Party (TDP). The results of the constituency were counted on 4th June. While it is said that Venugopalareddy suffered loss of Rs 30 crores, some media reports cited the amount to be Rs 10 crores.
The episode is believed to be a part of a larger trend of financial difficulties among YSRCP followers. Many people embarked on enormous debt and wagered on the election outcome, believing that their leader, Jagan Mohan Reddy, would win. However, following the party’s surprise defeat, these supporters are now facing significant financial losses.
