Crime in Hyderabad

Police arrests alleged chit fund fraudster

Police arrests alleged chit fund fraudster

Hyderabad: Central Crime Station of Hyderabad City Police arrested a fraudster who was cheating the people by collecting money in the name of various chit fund schemes.

According to the report of the police, Jagdishwar was running chit fund business. He collected Rs. 2.7 crore from various persons but did not refund the chit fund amounts to the members on the appropriate time. He had given blank cheques which were bounced. A complaint was registered against Jagadishwar in CCS.

Police further reported that Jagadishwar was an employee in various Chit Fund companies since 1995. He was presented in the court. The magistrate sent him to jail.

–Siasat News