Chit fund fraud: People duped of Rs 4.50 cr in Hyderabad
Hyderabad: Two persons allegedly cheated people of Rs 4.50 crore in the guise of a micro chit fund business in Malkajgiri, police said on Wednesday.
The suspects were Naresh, a resident of Sri Krishna Sai colony and his relative S.Prakash, a resident of Vishnupuri colony, who were running the chit fund business by collecting investments from friends and people in the neighbourhood. Police said they collected nearly Rs 4.50 crore from about 32 people in the last three years and went absconding.
Enquiries revealed they had fled after pressure from investors mounted upon them. The investors staged a protest and approached the Malkajgiri police and lodged a complaint on Tuesday. A case was booked and is being investigated.
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