HYDERABAD: A man was arrested for cheating middle-class families under the garb of a chit fund scheme and amassing `5.5 crore in collections, on Wednesday. However, the arrested person Ravi’s brother, who is also involved in the crime, is absconding, cops said.
The victims had registered a case with Shalibanda police station in 2021, after which the investigators at Central Crime Station (CCS) took up the probe. An official suspects that the brother duo had duped close to 150 persons.
The accused under the pretence of collecting monthly investments for the chit fund collected money from the victims and used it to maintain their extravagant lifestyle. Ravi, who ran out of the stolen money, was working at a hotel in Anantapur of Andhra Pradesh. CCS police, who have been investigating the case, tracked him down and arrested him on Wednesday.