Chit fund operator absconds with Rs.8 crore

Ghatkesar: A huge fraud in the name of chits came to light at Ghatkesar of Ranreddy district, in the outskirts of Hyderabad. Cheryala Upendar Goud, a resident of Marutinagar in Boduppal village of Ghatkesar mandal in Rangaredy district, collected moneys from people and operated chits on bi-monthly, monthly and quarterly basis.

In this process, Upender collected huge amounts of money from members of the various chits and went absconding with Rs.8 crore. The victims staged a protest in front of the chit operator and lodged a complaint against him. The police have registered a case and the investigation is on.