Investors duped in the name of chit fund in Hyderabad

Hyderabad: Several persons approached the Chatrinaka police alleging they were cheated to the tune of nearly Rs.3 crore by a retired Assistant Sub-inspector and his son in the guise of a chit fund. Police sources said one Tulasiram, a retired ASI from Uppuguda along with his son Karthik, have been running the chit fund business […]

Hyderabad: Several persons approached the Chatrinaka police alleging they were cheated to the tune of nearly Rs.3 crore by a retired Assistant Sub-inspector and his son in the guise of a chit fund.

Police sources said one Tulasiram, a retired ASI from Uppuguda along with his son Karthik, have been running the chit fund business by collecting investments from friends and people in the neighbourhood for the past few years.

Police said they collected nearly Rs. 3 crore from several investors in the last two years and failed to give them returns, as promised. Enquiries revealed they had fled after pressure from investors mounted upon them, police said.

The investors staged a protest at their house on Thursday night and further approached the Chatrinaka police and lodged a complaint. However, the police officials have asked them to file a complaint at the Hyderabad Central Crime Station, as the alleged cheating amount was in huge.

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