Couple Dupes 50 Persons of Rs 60 Crore in Chit Scam
The couple had been residing in HMT Hills, KPHB, for about 20 years and had been running chit fund schemes for several years, according to the victims.
Hyderabad:KPHB police have registered a case against a couple following complaints that they allegedly collected money up to Rs 60 crore from around 50 people through chit fund schemes and failed to repay them. Following the complaints, the police arrested Ramana Reddy and remanded him to custody, while a lookout notice has been issued against his wife Seethamma, who is stated to be in the United States. The case was registered as Crime No. 1080/2026.
The couple had been residing in HMT Hills, KPHB, for about 20 years and had been running chit fund schemes for several years, according to the victims.
The alleged fraud came to light after Bakka Maruti Reddy, 55, a lorry driver and resident of Indiranagar, Kukatpally, approached the KPHB police. Maruti Reddy said he went to Seethamma's house to seek repayment but found it locked. Neighbours told him that the couple had vacated the premises. The victims alleged that the couple had gained their trust over several years before leaving their residence. They claimed that about 50 people had been affected.
The complainant said he had participated in three chit fund groups managed by Seethamma and had known her family for 20 years.
"I have been a subscriber to three chit fund groups managed by Seethamma. I have known her family for 20 years. When she asked for funds for her daughter's wedding, I gave her an additional `25 lakh. In total, she owes me Rs 43 lakh. However, when I went to her house, I found it locked," Maruti Reddy claimed.
"They vacated the house and left; I learned they are currently in the US. I was the one who lodged a complaint with the police," Reddy told Deccan Chronicle.
Another victim, Jayamma, 60, said, "I invested Rs 10 lakh with her in a chit fund scheme. She had promised to return the amount along with interest within two months. After taking the Rs 10 lakh, she committed fraud and fled."
Chandramouli, said he had expected to receive Rs 25 lakh from a chit fund payout and planned to use the money for his daughter's marriage. He alleged that Seethamma had promised to pay the amount within two months but failed to do so, forcing him to call off the wedding. He said that if the police failed to deliver justice, he would have no choice but to die by suicide along with his wife and children. The victims also said that 48 of them had received court notices relating to insolvency proceedings after the alleged fraud.
KPHB sub-inspector Ravi Kumar, who is investigating the case, told Deccan Chronicle that police had received a complaint alleging that Seethamma had committed fraud under the guise of running a chit fund scheme. Police subsequently received information that she had travelled to the United States, following which a lookout notice was issued against her, Ravi Kumar said.