Chit fund company MD from Warangal arrested for duping customers in Adilabad

A chit fund company managing director from Warangal district was arrested in Adilabad for allegedly cheating customers and evading payments worth Rs 1.11 crore. Police said multiple cases were registered against him and he had been absconding for six months.

Adilabad: A managing director of a chit fund company from Warangal district was arrested for allegedly duping the public under the guise of a chit fund business here on Tuesday. Police seized five mobile phones from him.

Briefing details of the arrest to media persons, Superintendent of Police Akhil Mahajan said that Perala Srinivas Rao, the managing director of Akshara Chit Funds Private Limited, was apprehended for cheating customers of his company by evading payment of deposits for quite a long time. Twelve cases of cheating were booked against him in the district centre alone. Srinivas Rao was accused of evading payment of Rs 1.11 crore to scores of customers, the SP said, noting that 96 cases were registered against the managing director across the State.

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Srinivas Rao had been absconding for six months following the cases. A special team was formed to nab him. The team took him into custody following a tip-off.