The Central Crime Branch (CCB) has arrested Yuvaraj and Anandan, both directors of Achilles Chit Fund Pvt. Ltd., in connection with a Rs2.4 crore chit fund fraud reported in Arumbakkam.
According to police, Dilli Babu (39), a resident of Kovilambakkam, had been investing in the company since 2019, contributing about Rs2.17 lakh. When the chit matured, the company allegedly failed to return his money. Around 70 investors faced similar losses.
Investigations revealed that Yuvaraj, Anandan, and the accounts manager, Vinoth Kumar, had closed the company’s office and absconded, leaving investors defrauded of more than Rs2.4 crore in total.
Following a detailed probe, the CCB team tracked and arrested Yuvaraj and Anandan, while Vinoth Kumar remains absconding. Both arrested accused are being interrogated for details on how the collected funds were diverted.
Police have urged the public to exercise caution before investing in chit funds and to verify the company’s registration with the Registrar of Chits.
