Chit fund fraudster couple held

Police have seized incriminatory documents from their residence and properties.

Published: 21st December 2018 02:10 AM  |   Last Updated: 21st December 2018 05:30 AM   |  A+A-

By Express News Service

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. 

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now


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 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 are those of the comment writers alone. They do not represent the views or opinions of 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. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp