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Cop dupes chit fund investors, on the run
In a shocking incident, a head constable absconded after duping investors to the tune of crores of rupees, the police said on Monday. The duped investors filed a complaint against the accused Venkateshwarlu, a head constable attached to Abids police station
Hyderabad: In a shocking incident, a head constable absconded after duping investors to the tune of crores of rupees, the police said on Monday. The duped investors filed a complaint against the accused Venkateshwarlu, a head constable attached to Abids police station, with the Saroornagar police after the cop who operated a chit fund business by the name Arun Chit Fund in Green Park Colony in Saroornagar wrapped up the operations leaving investors in the lurch.
The fraud came to light when the distressed investors lodged a complaint with the police station on Monday alleging that Venkateshwarlu was avoiding them and turned against them when they asked for their maturity amount. “He was operating chits for the past couple of years and had gained the confidence of investors by paying back timely interest.
But of late, he stopped paying the interest and tried to avoid them and shut down his operations,” the cops said. Based on a complaint lodged by investors, a case under Section 420 (cheating) of the IPC was registered against him.
