MD of chit fund company arrested for ‘cheating’ depositors

ADILABAD

The Adilabad police have arrested managing director of Hanamkonda-based Akshara Chit Funds Private Limited Perala Srinivasa Rao, for allegedly cheating several depositors by defaulting the chit amounts to tune of ₹1.11 crore in Adilabad town.

Giving the details of the arrest at a press conference in Adilabad late on Tuesday afternoon, Superintendent of Police Akhil Mahajan said as many as 12 cheating cases were registered against the accused at Adilabad two-town police station. 

“The accused cheated 12 depositors without returning the chit amounts despite the expiry of the stipulated maturity period. He had been absconding for the past six months,” the SP said.

He was arrested by a special police team on Monday based on technical evidence. He was produced before a local court and remanded in judicial custody.

As many as 96 cheating cases were registered against the accused for defaulting the chit amounts in different police stations in various parts of the State.