Hyderabad: Cops arrest Samathamurthy Chit Fund Additional Director for duping public

The arrested person Kyatham Ganesh (44) along with two others Elupula Srinivas and Elupula Rakesh Varma set up the chit fund company and collected amount to the tune of Rs. 1.30 crore from gullible investors

Hyderabad: The Cyberabad police arrested Additional Director of ‘Samathamurthy Chit Fund Company,’ for allegedly cheating and duping public on the pretext of chit fund investment business.

The arrested person Kyatham Ganesh (44), a resident of Mansoorabad in LB Nagar and a native of Warangal along with two others Elupula Srinivas and Elupula Rakesh Varma set up the chit fund company and collected amount to the tune of Rs. 1.30 crore from gullible investors.

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The company started three branches at Madhapur, LB Nagar and Kukatpally and collected the amount from near 150 people. The trio then winded up the company and went underground.

On a complaint, the Cyberabad police registered a case and arrested Srinivas and Rakesh, a few days ago. Ganesh was arrested on Thursday and remanded, said ACP Economic Offences Wing, M Hussaini Naidu.