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.
