Hyd-based chit fund company dupes over 300 investors

Hyderabad: As many as 300 investors found themselves duped by a Hyderabad-based chit fund company named KKR Chits company for over Rs.10 crore. The directors of the company are known to be absconding.

The scam came to light when the investors’ calls were left unanswered by the company’s directors. Following this, they all staged a protest in front of the Kukatpally police station. A complaint has been lodged against the company’s directors Kiram Kumar Reddy, Shanmukha Priya and Venkata Ramana Rao.

According to the victims, Kiran Kumar Reddy of Andhra’s Chittoor district along with his wife Shanmukha Priya and friend Venkata Ramanarao set up a company called KKR Chit Fund in Prashant Nagar, Kukatpally fifteen years ago. Since then, many people have been depositing money in the company in the form of checks.

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