Crores Cheated in the Name of Chit Funds...

Three persons involved in an alleged chit fund fraud worth over ₹4 crore were arrested in Krishnapatnam of Muthukur mandal in Nellore district. Challa Edukondalu, his wife Challa Chengamma, and Cheepinapi Ravikumar had been operating chit schemes in the area for nearly ten years.

The accused allegedly cheated chit subscribers and several people who had lent them money on interest. They went missing on June 6, prompting victims to file complaints with the police. During the investigation, police found that more than 100 chit subscribers and around 60 other individuals had been cheated. The total fraud amount exceeded ₹4 crore. The trio was arrested near Reliance Road on Saturday.