Hyderabad, May 3: Chit fund fraud in Hyderabad has surfaced in Meerpet, where several victims have approached police after losing large sums of money.
The incident occurred in Vaishnavi Colony, where Suresh Kumar and his wife Venkata Sai allegedly ran chit schemes for nearly a decade. Victims said the couple collected amounts ranging from Rs 2.5 lakh to Rs 10 lakh from each subscriber.
However, the due dates for multiple chits expired months ago. Despite repeated requests, the organisers have not returned the money. Instead, victims alleged that they were given cheques and promissory notes without payment. Police have registered a case and started an investigation into the chit fund fraud in Hyderabad.
Chit fund fraud in Hyderabad leaves investors distressed
Victims said the couple continued to delay payments. They also alleged that the responses were dismissive when asked for refunds.
Some victims further claimed that they were threatened when they demanded their money. As a result, they approached the Meerpet police seeking legal action.
The case highlights growing concerns over unregulated chit fund operations in the city. Police are now verifying financial transactions and collecting statements from affected individuals.
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