Andhra Pradesh - Vijayawada   

Cheating case against chit fund firm

VIJAYAWADA: Tension prevailed at Srilatha Apartments at Labbipet on Saturday, following the spread of a word that Sri Sailatha Chit Funds Company downed its shutters. There was a hue and cry among the customers of the firm, who reportedly invested about Rs. 40 crores.

The crisis began a month ago when the managing director of the firm Kona Venkata Narayana died in a road accident at Kuchipudi. The family members of Venkata Narayana convinced the customers that they would settle the amounts in a phased manner.

However, when the news spread on Saturday that the firm had been closed, customers started reaching the office from different parts of the city.

As the office was locked and no one turned up till evening, a few customers approached the Machavaram police and lodged a complaint.

Venkata Narayana worked as a constable in the city Armed Reserve wing for two decades.

He gave up his job in 1996 and opened the firm. As he had a good reputation in the police circles, many employees of the department invested their money in the firm.

The Machavaram police registered a cheating case and were on the lookout for the family members of Venkata Narayana.

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