Hyderabad Police Arrest Chit Fund Operator for Financial Fraud
The Hyderabad Central Crime Station (CCS) police have arrested a man named Pullaiah for allegedly cheating investors out of crores of rupees under the guise of a chit fund business.
Hyderabad: The Hyderabad Central Crime Station (CCS) police have arrested a man named Pullaiah for allegedly cheating investors out of crores of rupees under the guise of a chit fund business.
Table of Contents
Chit Fund Scam: Accused Arrested in Bengaluru
Pullaiah, originally from Anantapur, Andhra Pradesh, had been operating in Hyderabad, running an illegal chit fund business in SR Nagar and Madhura Nagar. After collecting large sums from unsuspecting depositors, he reportedly absconded, leaving victims in financial distress.
Following multiple complaints, the CCS police launched an investigation and tracked Pullaiah down in Bengaluru, where he was arrested. He has been brought back to Hyderabad and will be produced before the court before being remanded in judicial custody.
Follow for more details: munsifdaily.com
Victims File Complaints Against Pullaiah
Several victims filed complaints at the CCS police station, alleging that they had invested their hard-earned money in Pullaiah’s fraudulent chit finance schemes. A case has been booked, and further investigations are underway.
Also Read: Telangana MLAs Raise Concerns Over Gram Panchayat Mergers in Municipalities
Ongoing Investigation & Legal Action
Authorities are examining the full extent of the scam, and more arrests could follow. The police have urged anyone who fell victim to this fraud to come forward and file complaints.
