The Hindu : Andhra Pradesh / Hyderabad News : Depositors seek arrest of chit fund operator

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Tuesday, Sep 15, 2009
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Depositors seek arrest of chit fund operator

Staff Reporter

Chit operator gains trust of people by paying matured amounts on time
Vacates house all of a sudden and vanishes with lakhs of rupees

HYDERABAD: Over 10 depositors, all hailing from lower middle-class families, appealed to the government on Monday to help them get back their money by arresting M. Venkatesh, a chit fund operator, who allegedly disappeared with their deposits two months ago.

Addressing a press conference, the depositors, including daily-wage earners and petty vendors, charged that Venkatesh had duped several depositors like them to the tune of Rs. 80 lakh.

Hailing from East Godavari district, the accused used to work as a watchman at Odeon Enclave building in Domalguda.

“He befriended us since we too belonged to the same district and persuaded us to become members of the chit funds he operated,” depositors K. Sumithra and Ch. Veerabhadram told reporters. As he used to pay the matured amounts on time, a lot of members enrolled under different chits operated by him. Suddenly, he vacated his house and disappeared with lakhs of rupees he had collected from the members.

The Chikkadpally police registered a cheating case two weeks ago following a complaint lodged by them but could not catch Venkatesh till now.

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Andhra Pradesh