Jannaram (Adilabad): In a hi-tech fraud, a local chit fund company floated by Ayyappa Motors Showroom, has deceived its investors, who deposited Rs.30 lakh with it. The fraud came to light when the investors were shocked to find the office closed on Monday.

On information by the worried investors, the police registered a case against the erring company. Also, a police team led by Luxettipet SI Satish Kumar along with Jannaram police conducted raids on the premises of the company and seized computers and furniture on Tuesday. V. Damodar, a native of Chintalapally village, four years ago, along with his three friends opened a show room at Jannaram. Slowly, he started inducing the gullible customers with a two-wheeler scheme and used to collect thousands of rupees from them every month.