Hyderabad: Two persons involved in chit fund fraud arrested

Two persons who were allegedly involved in a chit fund fraud were arrested by the Madhapur police on Tuesday

Hyderabad: Two persons who were allegedly involved in a chit fund fraud were arrested by the Madhapur police on Tuesday.

The arrested persons E Rakesh Varma (27) and Ganesh (31) along with one Elpula Srinivas started a chit fund company ‘Samathamurthy Chit Fund Private Limited,’ in Madhapur and collected around Rs. 2 crore from people towards investment in chit fund business.

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However, they winded up the business and left the investors in lurch.

On a complaint, in May 2023, the police registered a case and arrested Srinivas while the other two persons Ganesh and Varma were absconding. The police arrested them on Tuesday and remanded them.