HYDERABAD: Central Crime Station (CCS) officials arrested the managing director (MD) of Meena Jewellers for allegedly defrauding a chit fund company owner of Rs 6 crore.
CCS arrested the accused Umesh Purshotham Jethwani, M/s MD of Meena Jewellers Pvt, Ltd for allegedly cheating T Hanumanth Rao, chairman and MD of M/s Subhanjali Chit Funds Pvt Ltd for Rs 6 crore.
On May 22, Rao lodged a complaint with police alleging that in 2014 and 2015, Umesh Purshotham Jethwani joined seven chit groups of Subhanjali Chit Funds for Rs 6 crore and succeeded in the chit bid auction.
Police said that Umesh Jethwani convinced the complainant to let him participate in the auction and succeeded. "After successful bid, Umesh received the chit amounts by executing Chit Agreement," an official release issued by the CCS DCP Avinash Mohanty stated. After receiving the amount, the accused evaded the payment of instalments to the chit fund firm and subsequently gave invalid cheques of Vijaya Bank, MJ Road branch and HDFC Bank, Lakdikapul branch, with an intention to default the payment, police said.
The complainant came to know about the fraud when he presented the cheques with his bank - Kotak Mahindra. The bank returned the cheques saying 'accounts closed'. Later, Rao came to know that the bank accounts linked to the cheques were closed in 2010 and 2014.
On Friday, police arrested Umesh Purshotham Jethwani and produced him before the court. He was sent in judicial remand.
After receiving the amount, the accused evaded the payment of instalments to the chit fund firm and subsequently gave invalid cheques to default the payment
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