the accused Maram Bhanumurthy, a resident of Neredmet, enjoyed good reputation and began mobilising money from them for chit fund business
The accused and the deceased belong to Bihar and were in the city to earn their livelihood, Banjara Hills station house officer P. Sateesh. (Representational Image: DC)
Hyderabad: A local court at LB Nagar on Thursday convicted a person for cheating the public to the tune of Rs 2.5 crore.
According to police, the accused Maram Bhanumurthy (35), a resident of Neredmet, enjoyed a good reputation among people and began mobilising money from them for his chit fund business. After collecting approximately Rs 2.5 crore, he spent the money on personal luxuries before fleeing.
Based on a complaint from one of the victims, police registered a case and arrested Bhanumurthy. After Thursday’s trial, the court convicted Bhanumurthy to undergo a two-year rigorous imprisonment and imposed a fine of Rs 50,000.
( Source : Deccan Chronicle. )
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