The Enforcement Directorate conducted searches at locations linked to YSR Congress leader Malla Vijaya Prasad in a multi-state chit fund scam investigation. Raids were carried out in Visakhapatnam and Hyderabad as part of a money laundering probe involving Welfare Group of Companies
Illegal chit fund operators are defrauding investors across Hyderabad, Cyberabad, and Rachakonda by collecting large sums and disappearing overnight. Police have registered multiple cases, but recovery of funds remains a lengthy legal process.
A woman from Shanthi Nagar, Hyderabad, allegedly cheated around 200 investors in a Rs 3 crore chit fund scam. Running the scheme for 14 years, she reportedly failed to return deposits and has gone absconding. Police have launched a search
The Cyberabad police on Tuesday arrested a fraudster A Surya Pratap Reddy, a resident of Chandanagar, who had duped several persons on the pretext of operating chit fund business.
