Chit operator vanishes with Rs.70 crores
On Thursday morning, Pullaih's customers found his house locked and attempted to contact him, but his phone was switched off
Hyderabad: A private chit fund operator has reportedly disappeared with around Rs.70 crore after collecting funds from several customers. The incident occurred in S.R. Nagar, where Pulliah, a native of Anantapur district, Andhra Pradesh, had been running a private chit fund business from his home for the past 20 years, police said.
On Thursday morning, his customers found his house locked and attempted to contact him, but his phone was switched off. Later, over 300 investors who had invested in the chit fund gathered outside his house and staged a protest.
In the afternoon, Pulliah responded to his customers, assuring them that he would clear their dues once he returned. S.R. Nagar police station sub-inspector Ch. Sravan Kumar stated that no formal complaint has been lodged against Pulliah so far.