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Chit firm MD held for Rs 3cr fraud

KARIMNAGAR: Finally, an organiser of a chit company, who cheated people to the tune of Rs 3 crore, was arrested by II Town police here on Friday following fresh complaints by victims. Karimnag

Published: 07th January 2012 03:35 AM  |   Last Updated: 16th May 2012 06:09 PM   |  A+A-

KARIMNAGAR: Finally, an organiser of a chit company, who cheated people to the tune of Rs 3 crore, was arrested by II Town police here on Friday following fresh complaints by victims. Karimnagar DSP K Chakravarthi said that they registered a cheating case against him.

Producing the arrested, Gurram Sanjeeva Reddy, MD of Abhayamitra Chit Fund, before mediapersons, police said that he launched the company in 2003 without a licence from the authorities. Four months ago, he downed shutters all of a sudden and following complaints from the victims, police took him into custody. Surprisingly, police did not register a case or FIR. Later, he was let scotfree.



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