Hyderabad: A 30-year-old dry fruit businessman from Begum Bazaar was arrested by the Goshamahal Police on Friday, June 12, for allegedly cheating people through an illegal chit fund.
The case came to light after a resident, Goutham Chand Solanki, lodged a police complaint stating he had invested Rs 2 lakh in a chit fund scheme operated by the accused, Motiram, and was assured that he would receive Rs 2.25 lakh upon completion of the chit period.
However, after collecting the amount over the course of a few months, the accused failed to repay the promised sum and also refused to return the money, the complainant stated.
Investigation further revealed that another subscriber had also been similarly cheated.
Goshamahal Police arrested the accused from his residence and produced him before a court.
Hyderabad police have asked people who have invested in chit schemes conducted by the accused and suffered financial losses to approach the Goshamahal Police Station with relevant details.
This post was last modified on June 12, 2026 10:04 pm