HYDERABAD: Police arrested a man allegedly involved in duping a number of persons in the name of a chit fund scheme, here on Saturday. The accused has collected more than Rs 1 crore from clients. Police said the accused had no license to run the company and had taken funds from poor and gullible people. The arrested person has been identified as Srisailam, resident of Dammaiguda village, falling within Keesara police station limits.
Sub-inspector Saideshwar said that they had booked a cheating case against the accused on March 2, with a number of his clients lodging complaints. Some clients had received money and many of them did not get their money back.
"The accused has collected more than Rs 1 crore from his friends, neighbours and others promising them good returns but did not give money back to many. On a tip off from an informer, we took him into custody and are interrogating him," Saideshwar said.