HYDERABAD: Rajendranagar police have registered a case against a couple accused of cheating residents in Budwel out of nearly `5 crore through chit fund schemes. They were reported absconding, leading to protests on Sunday.
According to police, P Ashok and his wife had been operating chit fund schemes in the locality for several years, allegedly earning the trust of residents before collecting large sums of money by promising high returns.
After several chits matured, the couple allegedly delayed repayments before locking their house and fleeing with their family.
Following the alleged fraud, dozens of investors gathered outside the couple’s residence in Budwel on Sunday and staged a protest, demanding action and recovery of their savings.
Many victims, mostly from middle- and lower-middle-income families, claimed they had invested money meant for their children’s education, weddings and other family needs. Some said they had been investing in the chit schemes for over 15 years, police said. They added that efforts were under way to trace the accused.