Hyderabad: The Neredmet police booked a case against corporator K Sridevi and her husband Hanumanth Rao under the Prevention of Money Laundering Act for allegedly cheating investors by floating an illegal chit fund company.
Complainant M Srinivas, a lawyer from Sainikpuri, alleged that the couple had cheated him and several others through the illegal chit fund company. He said the corporator, her husband, and an agent Mahesh had floated several chit fund companies in the city and were lending huge amounts to people by violating norms and without necessary permissions. Under the guise of these businesses, they were investing money in construction and real estate under fictitious names and partnerships, he alleged, adding that people were being cheated in the name of high interest rates and through illegal and fraudulent use of fabricated documents.
The Neredmet police are verifying the facts in the complaint. Based on evidence, further action will be taken, they said.
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