Representational photo
Hyderabad: The Cyberabad Economic Offences Wing (EOW) on Wednesday, October 16, booked two persons for duping people of Rs 20 crore through a chit fund scam.
The prime suspect Seetharamaiah, who reportedly collected nearly Rs 20 crore from 200 victims, mostly residents of Sri Sai Colony in Chintal, Quthbullapur under the guise of running a chit fund has absconded.
Victims alleged that for a long time, Seetharamaiah and his son-in-law Murali operated a chit-fund and promised returns on investments.
When it was time to repay, the family stopped responding and fled with the money. Most of the victims are daily wage workers who participated in the chit-fund; they are now left in economic distress.
This post was last modified on October 17, 2024 10:13 am