Chit fund fraud: Two cheat over 200 people to tune of Rs 20 crore in Hyderabad

The prime suspect Seetharamaiah, who reportedly collected nearly Rs 20 crore from the victims, mostly residents of Sri Sai Colony in Chintal under the guise of running a chit fund has absconded.

Hyderabad: Two persons cheated over 200 people to the tune of Rs 20 crore allegedly in a chit fund fraud at Chintal in Quthbullapur.

The prime suspect Seetharamaiah, who reportedly collected nearly Rs 20 crore from the victims, mostly residents of Sri Sai Colony in Chintal under the guise of running a chit fund has absconded.

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As per available information, the depositors were shocked to discover that Seetharamaiah and his family had fled and approached the police.

Victims claim that for several months, Seetharamaiah and his son-in-law, Murali ran the chit fund, promising timely returns. However, when the time came to repay, the family disappeared with the collected money.

Most of the victims, including daily wage workers who saved small amounts to participate in the chit fund, are now left devastated.

They have filed a complaint with the Cyberabad Economic Offences Wing (EOW), seeking justice and the return of their money.

In protest, the victims gathered in front of Seetharamaiah’s residence, demanding action and the recovery of their funds on Wednesday.