HYDERABAD: The Economic Offences Wing (EOW) of the Cyberabad Commissionerate registered a cheating case against three persons for allegedly duping 44 people of around Rs 16 crore through a chit fund business.
The case was registered against V Ramana Reddy, his wife V Sita and their daughter Harisha Reddy.
The complaint was lodged by 38-year-old G Venkateshwar Rao, a resident of KPHB. He told police that he had known Ramana Reddy for about 10 years. Sita and Harisha were allegedly conducting the chit fund business from their residence at HMT Hills in KPHB.
Relying on Ramana Reddy’s assurances, Venkateshwar Rao joined two chit groups of Rs 10 lakh each, which commenced in April 2025. He paid Rs 12.70 lakh towards subscriptions over several months.
Apart from the chit subscriptions, Rao said he deposited Rs 50 lakh with the accused after they allegedly assured him of a 2% interest rate. In connection with the deposit, Sita issued five post-dated cheques towards repayment. However, the amount was not repaid, he alleged.
When Rao later went to Ramana Reddy’s residence seeking repayment, he found the house locked. His attempts to contact him over the phone also failed.
During his enquiries, Rao allegedly learnt that several other people had paid substantial amounts towards chit subscriptions and deposits to the family. According to his complaint, the accused had collected money from around 44 members and amassed approximately Rs 16 crore between August 2024 and recently.
Based on the complaint, EOW police registered a case under relevant Sections of the BNS.