Chit fund boss cheats public of Rs 50 lakhs

HYDERABAD: The Task Force sleuths on Tuesday arrested a person who was into chit fund business and duped a number of people. He managed to collect Rs 50 lakh from 50 clients. Police also

Published: 28th March 2012 05:20 AM  |   Last Updated: 16th May 2012 09:47 PM   |  A+A-

HYDERABAD: The Task Force sleuths on Tuesday arrested a person who was into chit fund business and duped a number of people. He managed to collect Rs 50 lakh from 50 clients.

Police also seized a car, property documents worth Rs 30 lakhs and incriminating material from his possession.

Police told, they arrested Vuram Karunakar who has set up a bogus chit fund company, Siddi Laxmi Enterprises, at Krishna Nivas, Krishnapuri Colony, West Marredpally in Secunderabad.

He started the company without procuring a valid license from registrar office of chits in December 2010. He got published newspaper ads to gain credibility for his company, detailing the alluring offers like doubling of money within two months and arrangement of loans for the customer.

He went on to appoint agents to peddle offers to gullible customers.

People in need of money for education, hospital or other emergency,  approached him and ended up giving away hard earned money to him. He kept on pillaging money from such people, and built an empire of lavishness around him. He owns three flats worth Rs 30 lakh, and a Tata safari car.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp