Hyderabad: Two Booked for Chit Fund Scam Worth Rs 20 Crore
Two individuals in Hyderabad have been charged in a Rs 20 crore chit fund scam, defrauding around 200 victims, many of whom are daily wage workers. Discover how to protect yourself from similar scams.
To avoid scams like the recent chit-fund case, do thorough research on any investment opportunity.
On Wednesday, October 16, the Cyberabad Economic Offences Wing (EOW) filed charges against two individuals for cheating people out of Rs 20 crore in a chit fund scam.
The main suspect, Seetharamaiah, is accused of gathering nearly Rs 20 crore from around 200 victims, mainly from Sri Sai Colony in Chintal, Quthbullapur, while pretending to run a chit fund. He has since gone into hiding.
Victims reported that Seetharamaiah and his son-in-law, Murali, ran a chit fund promising good returns. But when it was time to pay back, they disappeared with the money, leaving many daily wage workers in financial trouble.
To avoid scams like the recent chit-fund case, do thorough research on any investment opportunity.
Ensure that it’s registered with the right financial authorities and that it has proper documentation.
Finally, be wary of offers that sound too good to be true. If an investment promises high returns with little risk, it’s a warning sign.
