Chit fund fraud surfaces in Quthbullapur, 200 people lose hard-earned money

Hyderabad: Over 200 people were cheated of Rs 20 crore by a chit fund company at Chintal in Quthbullapur on the outskirts of Hyderabad.

The accused Seetharamaiah and his son-in-law Murali reportedly collected nearly Rs 20 crore from people promising lucrative returns over their small investments. Dozens of people invested their hard-earned money in a chit fund firm for several months.

The depositors, including daily wage workers, were shocked and left devastated when they learned that Seetharamaiah and Murali disappeared with their investments.

The victims approached the Cyberabad Economic Offences Wing (EOW) to file a complaint against the accused duo. The police have registered a case of cheating under relevant sections and launched a manhunt to trace and nab the suspects.