HYDERABAD: Central Crime Station on Thursday arrested Rishab Chit Funds managing director Sailesh Gujjar and his wife and company director Nandini, a day after it took over the case from local police and booked the duo under IPC Sections 406 (criminal breach of trust) and 420 (cheating) for duping investors of Rs 60 crore. Police have seized incriminatory documents from their residence and properties.
CCS DCP Avinash Mohanty said police began investigating when M Santosh Kumar, 39, a resident of Shahgunj, filed a complaint against Rishab Chit Fund after the firm failed to return his money despite it reaching maturity.
Preliminary inquiry revealed Sailesh and his wife launched Rishab Chit Fund in 2009 and have since then been collecting deposits from investors. “The two invested the money they collected in a casino business, but it tanked and they suffered a huge financial blow,” the police said. The duo is estimated to have cheated 500 investors of around Rs 60 crore. Police fear the amount could be much higher once all the facts of the case come to light.