Hyderabad: One arrested for chit fund fraud

Hyderabad: The Detective Department (DD) of Central Crime Station (CCS) arrested one, Kancham Kiran Kumar from Bangalore and was brought to the city on prisoner transit warrant on Thursday and produced before the court for cheating many gullible people on the pretext of operating chit fund business.

According to police, the accused person collected lakhs of rupees from gullible people who wanted to invest in chit fund business and instead of returning their money, he sold out his house in Hyderabad and went absconding.

The issue came to light when a complaint was filed by one, Vijaya Lakshmi who alleged that she deposited an amount of Rs 76 lakh with the accused as he lured her into investing in chit business. In such way he collected more than Rs 5 crore from various persons and finally when a case was booked against him in the month of March 2020, he fled the city.

However, by using various advanced technologies, his identity was confirmed and his locations were traced out and he was arrested from Bangalore, said the investigating officer, G Girish Rao. He said, "The accused person was produced before the court and was remanded to judicial custody."