Hyderabad: The managing director of Sri Rishab Chit Fund India Pvt Ltd and his wife have been arrested by the central crime station of Hyderabad on Thursday for reportedly duping 500 customers to the tune of Rs 60 crore.
A complaint was received by the CCS police from one M. Santosh Kumar of Shah Gunj area alleging that Rishab Chit Funds had cheated him and several other investors after collecting money through Chit fund business.
A case was then registered against the company’s MD Sailesh Kumar Gujjar and his wife Nandini, who is the director.
During the probe, it was found that the chit fund was started in 2009. They collected money from about 500 persons and spent the money in a Casino business in Goa, and later diverted it as they suffered losses. The couple failed to give back the money of the depositors even after the chits matured one-and-a-half-years ago.
“The total money collected from the victims amounts to approximately Rs 60 crore. The couple have been arrested on cheating charges under the Protection of Depositors of Financial Establishment Act, and they are being produced before the court,” said CCS police.
