Woman dupes investors of over Rs 50 lakh in Hyderabad

HYDERABAD: Uppal police booked a private chit fund organiser for duping several people of over Rs 50 lakh.
Based on a complaint lodged by a private employee, Mohammad Mannan, 30, of SBH Colony in Uppal, police registered a cheating case against K Rama Devi from Beerappagadda. According to police, Rama Devi, along with her son Naveen, daughter Swathi, and other family members had been operating chit fund business at Beerappagadda.
While Mannan invested Rs 1.5 lakh, his friend Dasarath and several others from nearby areas invested over Rs 50 lakh in the chit fund.“For the past few months, Rama Devi has been postponing the payments citing various reasons and she even promised to pay additional interest to a few people,” Uppal SI Mybelli said.
On April 10, Rama Devi’s family vacated the house without informing the investors. Later, the victims realised that the accused sold their house and went absconding. They lodged a plaint with the police and a case was registered under Section 420 of the IPC.