Chit fund directors evading payments to subscribers arrested in Khammam

Nikshipta Chit Fund Company directors, Sangisetty Karunakar and Moola Umamaheswar had gone absconding after switching off their cell phones without paying Rs 2.17 crore due to 42 subscribers

Khammam: Two persons who were running a private chit fund company in Khammam city for some time and evading payments to subscribers were arrested and remanded, informed the two-town Inspector of Police, Balakrishna.

He said that Nikshipta Chit Fund Company directors, Sangisetty Karunakar and Moola Umamaheswar had gone absconding after switching off their cell phones without paying Rs 2.17 crore due to 42 subscribers.

---

He said that a case was registered and investigation was taken up based on the complaint of a person Bhukya Srinivas of Maripeda Bungalow of Mahabubabad district recently.

Following a tip off about the presence of the absconding directors at VDOs Colony in the city they were arrested. The case is under investigation, the CI said.