Chit Fund Trader Arrested for Rs 50 Crore Fraud

Nagarkurnool : Sai Babu, the chit fund trader of Shri Sai Ram Finance, who cheated around 1,542 victims out of Rs 50 crore by promising high-interest returns, has finally been arrested by the police. District SP Gaikwad Vaibhav RaghuNath disclosed full details of the case.

For the past few years, Sai Babu deceived poor people in Nagarkurnool and Wanaparthy districts by offering high interest on chits, gaining their trust, and collecting their money under the pretense of fixed deposits. He particularly targeted evacuees from the Palamuru-Rangareddy irrigation project, promising high returns on their compensation money from the government. Many believed his promises and deposited their money with him. After some time, Sai Babu absconded without returning the money, and has been on the run for the past few months. He has now been arrested and will be remanded, SP Gaikwad Vaibhav RaghuNath stated.

Along with Sai Babu, his associates from the chit fund company, Sai Dixit, Anupathi Srinivasulu, Jivva Venkateshwarlu, and Orsu Hussain, have also been arrested and will be remanded. A total of nine cases have been registered against them so far, according to the SP. A special team has been formed for further investigation, and the SP assured that justice will be served to the victims.

Additional SP CH Rameshwar, DSP Burri Srinivas, CCS CI Shankar, and CI Kanakaiah were also present at the briefing.