VIJAYAWADA: Satyanarayanapuram police have booked a case against one Balaji who cheated the public of Rs 4 crore in the name of Monthly Saving scheme (chits) on Wednesday. According to Satyanarayanapuram police, accused R Balaji, resident of Srinagar Colony, reportedly absconded after the depositors clamoured for their money on Tuesday.
The depositors alleged that Balaji , who was a familiar face in the locality, used to give loans. He collected Rs 4 crore from the depositors, including employees, pensioners and workers. When the depositors demanded money after the chit time maturity period, he left the city.
“Balaji and his family are into finance business and residing in the colony for the past two decades and the depositors trusted him. Taking advantage of their trust, he cheated them by collecting chit amount and failed to repay them. A manhunt has been launched to trace Balaji,” the police said.