Chit organiser of Chanda Nagar in Hyderabad held
Hyderabad: The EOW Police of Cyberabad arrested a person, who was involved in cheating, criminal breach of trust and collected money from chit customers to the tune of Rs 2,79,57,438/-.
On a complaint from Nasar Khan of Chanda Nagar, Serilingampally mandal of Ranga Reddy District, the police registered case in Cr. No.69/2024 U/s. 420, 406 IPC & Sec. 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999 of EOW PS, Cyberabad.
The accused was identified as Appampally Surya Pratap Reddy of Chanda Nagar, Serilingampally (m), Ranga Reddy District. The accused A Surya Pratap Reddy was running monthly unregistered private chits in his house at Chanda Nagar. The accused has been maintaining monthly chits since 14 years. Believing him, a number of people became subscribers of the chits. The accused used to maintain Rs 1 Lakh, 2 Lakh, 5 Lakh, 10 Lakh and 25 Lakh chits on commission basis.
The accused collected an amount of Rs 2,79,57,438/- from 80 subscribers in the name of monthly chits. All of a sudden, the accused closed his house and escaped from the locality. But, accused A. Surya Pratap Reddy was arrested at Kharmanghat.
The Cyberabad EOW Police advised the public to be aware of private chit funds and not to become subscribers to any unregistered chit funds. The police department is committed to prosecuting the fraudsters, cheaters and ensuring justice to victims.
The case is being investigated by S Murali Krishna, Assistant Commissioner of Police, Economic Offences Wing PS, Cyberabad under the supervision of K Prasad, Dy Commissioner of Police, EOW, Cyberabad.
