Thiruvananthapuram: The owner of a chit fund firm at Neyyatinkara near here was arrested on Tuesday on charges of cheating investors to the tune of around Rs 15 crore.
Neyyatinkara police identifed the accused as Raveendran, 58, of Athiy-anoor near Neyyatinkara. He was the owner of BRS chit fund at Nellimoodu near Neyyatinkara.
According to police, so far nearly 80 investors had filed complaint agai-nst the firm. A case was registered against the accused two days back. He was absconding since then. He was held from a hideout near Neyyatink-ara on Tuesday.
Police said that the firm was operating for more than 20 years and had also one branch at Pazhakada near Neyyatinkara. A search was also on for more persons associated with the firm. The firm was lying closed for the last few days.
Recently state witnessed a major chit fund scam of Nirmal Krishna Chity fund based at Palukal in Kerala-Tamil nadu border area of Kanayakumari district cheating over 5,000 investors to the tune of Rs 400 crore.