Tamil Nadu - Chennai   

Ayanavaram residents `cheated' by chit fund

By Our Staff Reporter

CHENNAI, FEB. 3. About 30 residents of Ayanavaram today complained to the Central Crime Branch that they were cheated of their investments under a money circulation scheme.

In their complaint, the residents alleged that three brothers who floated the scheme owed nearly Rs. one crore to more than 150 members of the scheme. The residents joined the chit fund last year and the brothers, running a provision store on N.M.K. Street, had paid interest on the investment till September last year. However the payments stopped from the next month.

Sai Kumar, one of the complainants, alleged that the brothers owed him Rs. 50,000. He said they had trusted the scheme, as it had been in existence for more than a decade.

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