HYDERABAD: Central Crime Station police on Thursday arrested Rishab Chit Funds managing director Sailesh Gujjar and his wife and company director Nandini, a day after it took over the case from local police and booked the duo under IPC Sections of 406 (criminal breach of trust) and 420 (cheating) for duping investors of Rs 60 crore.
Police have seized incriminatory documents from their residence and properties. Deputy Commissioner of Police (CCS) Avinash Mohanty said police began investigating when M Santosh Kumar, 39, a resident of Shahgunj, filed a complaint against Rishab Chit Fund after the firm failed to return his money despite it reaching maturity.
Preliminary inquiry revealed that Sailesh Kumar Gujjar and his wife Nandini Gujjar launched Rishab Chit Fund in 2009 and have since then been collecting chits and fixed deposits from investors.