Cyberabad police arrest chit fund fraudster for defrauding 80 subscribers of Rs. 2.8 crore
Cyberabad: The Economic Offences Wing (EOW) of Cyberabad police has arrested an individual involved in a major chit fund scam, defrauding over 80 customers of Rs. 2,79,57,438.
The accused has been identified as Appampally Surya Pratap Reddy, a resident of Chanda Nagar, Serilingampally in Ranga Reddy District, who was apprehended in Kharmanghat.
A case has been registered under Sections 420, 406 IPC & Sec. 5 of the Telangana Protection of Depositors of Financial Establishment Act- 1999 of EOW PS, Cyberabad. The complainant in the case, Nasar Khan, a resident of Chanda Nagar, Serilingampally, reported the fraud.
According to the police investigation, Surya Pratap Reddy had been running an unregistered private chit fund for the past 14 years from his residence in Chanda Nagar. Over the years, he built a strong reputation and earned the trust of local residents and people from surrounding areas, including Miyapur, Kukatpally, and Patancheruvu.
Surya Pratap Reddy offered various chit fund schemes with amounts ranging from Rs. 1 lakh to Rs. 25 lakhs, collecting a total of Rs. 2,79,57,438/- from 80 chit subscribers.
However, the accused abruptly closed his business and fled the locality. The police arrested him after a thorough investigation, and he was located in Kharmanghat.
The police have issued an advisory to the public, urging caution when dealing with private chit funds. K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad, warned citizens against becoming subscribers to unregistered chit funds and reassured that the department is committed to prosecuting fraudsters and ensuring justice for the victims.
The case is being investigated by S. Murali Krishna, Assistant Commissioner of Police, Economic Offences Wing, under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad.
