Nation Current Affairs 30 Apr 2019 Nellore: Chit fund r ...

Nellore: Chit fund run by headmaster under scanner

DECCAN CHRONICLE.
Published Apr 30, 2019, 2:48 am IST
Updated Apr 30, 2019, 2:48 am IST
However, doubts over his operations surfaced when the HM started postponing payment for bonds after maturity under some or the other pretext.
The customers of chit groups invested large sums on bonds, when he introduced the scheme recently. His latest scheme was to offer Rs 1 lakh through lottery for those investing Rs 1 lakh which attracted many people. (Representational Images)
 The customers of chit groups invested large sums on bonds, when he introduced the scheme recently. His latest scheme was to offer Rs 1 lakh through lottery for those investing Rs 1 lakh which attracted many people. (Representational Images)

Nellore: Notwithstanding scores of incidents where crores of rupees were robbed under the pretext of chit groups and bonds, people continue to believe in con men everywhere.  

In a fresh case, a headmaster working in a high school at Akkayapalem in Vetapalem mandal, Prakasam district, collected large sums of money from middle-class families and small traders as deposit for his firm Venkata Sai Finance and Chit Funds at Vetapalem.  

 

The customers of chit groups invested large sums on bonds, when he introduced the scheme recently. His latest scheme was to offer Rs 1 lakh through lottery for those investing Rs 1 lakh which attracted many people.

However, doubts over his operations surfaced when the HM started postponing payment for bonds after maturity under some or the other pretext.

In this backdrop, the victims approached Prakasam SP Siddarth Kaushik on Monday seeking justice.

The SP assured to take action and forwarded their representation to Central Crime Station.

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