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Cyberabad police arrest Chit fund firm Addl Director for duping public of Rs 1.30 cr

Hyderabad, Feb 15 (UNI) The Cyberabad police has arrested Samathamurthy chit fund company Additional Director and accused number three Kyatham Ganesh and busted a racket for cheating about 100 to 110 victims/public across Telangana.
The company cheated people mainly in Madhapur, LB Nagar and Kukatapally and collected huge amounts to a tune of Rs. 1.30 crores enticing them with bid auction in chit business after paying three months chit subscription amount, said M. Hussaini Naidu, Assistant Commissioner of Police, Economic Offences Wing (EOW), Cyberabad,in a release said here on Thursday.
A case under section 420, 406 IPC & Sec. 5 of The Telangana Protection of depositors of Financial Establishments Act-1999 was initially registered in Madhapur Police Station and it was later transferred to EOW (Economic Offences Wing) for further investigation.
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