Hyderabad: The Rajendranagar police have registered a cheating case against a couple accused of duping residents of Budwel of nearly ₹5 crore through alleged chit fund schemes. The accused are reportedly absconding, triggering protests by investors demanding the recovery of their savings.
According to the police, P. Ashok and his wife had been operating chit fund schemes in the locality for several years. They allegedly gained the trust of residents before collecting large sums of money by promising attractive returns.
Investors allege couple fled after chit schemes matured
Police said the couple allegedly began delaying repayments after several chit schemes matured. They later locked their house in Budwel and fled along with their family, leaving investors without their money.
Following the alleged fraud, dozens of affected investors gathered outside the couple’s residence on Sunday and staged a protest, demanding immediate police action and the recovery of their investments.
Many of the victims, mostly from middle and lower-middle-income families, told police they had invested their life savings, including money set aside for their children’s education, weddings and other family commitments.
Some investors claimed they had been participating in the couple’s chit fund schemes for more than 15 years and had trusted them based on their long association with the community.
Police have registered a case and launched an investigation. Efforts are underway to trace the accused and ascertain the total amount collected from investors.
