Chit fund agent dies by suicide over investor dues

Karimnagar: A 46-year-old chit fund agent died by suicide after he was unable to repay the amounts deposited by investors at his urging. Police said Chintala Rajaiah died by suicide in Malkapur village of Karimnagar district on Saturday.

Police said the company he represented, Akshara Chit Funds, with a branch in Rampur of the city, had closed shop without repaying those who invested with it, leaving Rajaiah to face the anger of depositors.

The abrupt closure of the chit fund company resulted in Rajaiah being unable to repay the money owed to his clients.

Faced with mounting pressure from these clients and overwhelmed by his own financial burdens, he took the extreme step, police said.

Upon receiving a complaint lodged by Rajaiah’s wife Lavanya, the police registered a case and started an investigation into the circumstances surrounding Rajaiah's death.