Hyderabad: Man arrested for cheating people on pretext of chit fund investments

The fraudster M Seetha Ramaiah , a resident of Qutbullapur started a company Somasekhara Finance Corporation Chit Fund and collected amounts from different people

Hyderabad: The Economic Offences Wing of the Cyberabad police arrested a person for allegedly cheating people on the pretext of chit fund investments.

The fraudster M Seetha Ramaiah , a resident of Qutbullapur started a company Somasekhara Finance Corporation Chit Fund and collected amounts from different people.

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He collected around Rs. 2.65 crore from public and later duped them, DCP, K Prasad said.

On a complaint, the police registered a case and arrested Ramaiah. The police advised the people to not invest in unregistered chit fund companies.