Chit Fund Cheat From Kanyakumari Held in Chennai After 2 Years
Paulraj, a resident of Kattavilai, near Kadayalumoodu, had been running Divine Chit Fund, collecting deposits ranging from Rs. 10,000 to Rs. 50 lakh from people in Kadayalumoodu, Pechiparai, Thirparappu and other adjoining hill areas
KANYAKUMARI: Kanyakumari district police have arrested Paulraj, who allegedly cheated more than 300 people of over Rs. 20 crore through a chit fund scheme and had been absconding for nearly two years.
Paulraj, a resident of Kattavilai, near Kadayalumoodu, had been running Divine Chit Fund, collecting deposits ranging from Rs. 10,000 to Rs. 50 lakh from people in Kadayalumoodu, Pechiparai, Thirparappu and other adjoining hill areas.
He allegedly closed the chit fund office and went missing about two years ago. After repeated complaints, 90 victims recently approached the superintendent of police and the district crime branch, alleging that they had lost more than Rs. 10 crore.
A police team, led by DSP Pethuraj, traced Paulraj to Chennai and arrested him. He was brought to Kanyakumari and is being questioned by the district crime branch. The victims alleged that more than 300 people had lost over Rs. 20 crore, with several having invested their savings for education, marriage, employment and medical treatment.
They also alleged that Paulraj had transferred properties in Kanyakumari and Chennai held in his name to benami holders and urged the police to trace and attach the assets to recover their money.
The district crime branch has appealed to the public that anyone else who had invested in the chit fund and been cheated to come forward and lodge a formal complaint with the police.
