The Hindu : Andhra Pradesh News : Cheating case against couple organising chit fund

Online edition of India's National Newspaper
Friday, Dec 24, 2004

Andhra Pradesh

Andhra Pradesh

Cheating case against couple organising chit fund

By Our Staff Reporter

HYDERABAD, DEC. 23. A couple, who had been into the finance business for the past 25 years, disappeared allegedly after duping several depositors in Anandnagar of Malakpet on Thursday.

The Chaderghat police formed special teams and launched a hunt for Venkateshwar and Susheelamma (45). A case of cheating and misappropriation of funds was registered against them. "The exact amount swindled by the couple cannot be estimated now. But, going by the version of several depositors, it might run into crores of rupees," the East Zone DCP, K. Rajendranath Reddy, said. The depositors included advocates, doctors and Government employees.

As the couple had not been paying matured deposits and auctioned chit amount on time for the past five months, some depositors became suspicious. When confronted by them, the couple asked 50 depositors to collect the money today. However, they found the couple's house locked this morning.

"They had a son and daughter and it seems the entire family had gone underground. Special teams were rushed to Cheerala and Nellore to locate them," Mr. Reddy said.

A case was registered against them under Section 420 (cheating) and 406 (criminal breach of trust) and provisions of the State Depositors' Protection Act and Prize Chits Circulation Act.

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