Two held for cheating in Hyderabad

Believing in them, K. Bhavani from Chintal along with 35 members of colony people invested in the chit groups ranging between Rs 1 lakh and Rs 5 lakh which would be conducted in the span of 20 months.

Hyderabad: A couple, which allegedly duped investors to the tune of Rs 4.1 crore in the guise of deposits in illegal chit fund business, was arrested by the Cyberabad Economic Offences Wing (EOW) officials at Chintal in Jeedimetla on Friday.

The arrested persons M.Nagamani and M.Nagamunnaiah along with their family members Ch. Guruswamy and Ch. Ranganayakulu, started organising un-registered chit fund in their house since 2006 and eventually gained confidence of the local residents.

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Believing in them, K. Bhavani from Chintal along with 35 members of colony people invested in the chit groups ranging between Rs 1 lakh and Rs 5 lakh which would be conducted in the span of 20 months.

The suspects also took hand loans from people but neither did they repay the investments and interests nor the loan amount. “Whenever the colony residents questioned about the money they used to come up different stories and extended the due dates.

In April, they absconded,” Bhavani said in the police complaint. She further alleged that the suspects purchased two houses in Jeedimetla with the defrauded money and also produced a movie.

Based on the complaint, a case was booked and the duo was arrested. Efforts are on to nab the absconding suspects in the case. The Cyberabad police requested citizens to beware of such frauds and report any suspicious un-registered chit business activities and deposit schemes.