Shankarpally Police Arrest Man in Alleged Rs. 4 Cr Chit Fund Fraud
Investors were promised attractive interest and higher returns, encouraging them to contribute monthly amounts ranging from Rs.15,000 to Rs.30,000 or more: Police
Hyderabad: In a major breakthrough in an alleged Rs.4 crore chit fund fraud case, the Shankarpally police arrested Gudishetti Sudhakar (50), who is accused of collecting crores of rupees from local residents by promising attractive interest and higher returns before allegedly disappearing without repaying their money.
Shankarpally Inspector G. Rudvir Kumar and his team investigated the case and arrested the accused following which he was remanded to judicial custody.
Kumar said Sudhakar, a resident of Railway Station Road, Shankarpally, along with his wife Lakshmi and associates, allegedly collected money from several residents between 2021 and 2024 in the name of a chit fund scheme.
Investors were promised attractive interest and higher returns, encouraging them to contribute monthly amounts ranging from Rs.15,000 to Rs.30,000 or more.
As many as 48 people allegedly contributed Rs.3.62 crore, while the total amount collected is estimated to be around Rs.4 crore or more. The complainant, Parsi Ashwin, reportedly paid Rs.6.60 lakh through online transactions towards the scheme.
Sudhakar allegedly disappeared in June 2024 without repaying the collected amounts. Despite repeated attempts to contact him, the investors were unable to recover their savings, following which the matter came to the attention of Shankarpally police.
“This case highlights how people can lose their hard-earned savings by trusting promises of attractive interest and high returns. Some individuals take advantage of long-standing friendships and personal relationships to gain people's confidence and collect money. People should not blindly trust someone with their savings merely because they have known them for several years,” he said.
According to police, before making any investment, people should carefully understand the scheme, verify the background and credibility of the company or individual involved, and choose reliable, properly registered organisations.
They should maintain records of all financial transactions and remain cautious of promises of unusually high returns. Anyone who suspects financial fraud should immediately approach the police.