The Cyberabad Economic Offences Wing (EOW) arrested the key suspect in the Somasekhara Fin Corp chit fund fraud on Tuesday. Malineni Seetha Ramaiah, a resident of Quthubullapur, is accused of conning several citizens of Hyderabad out of Rs2.65 crore.
The arrest came after a complaint from Dabattula Rajesh Kumar, an investor from Gajularamaram. Following his arrest in Nandigama, Andhra Pradesh, Ramaiah was brought to Hyderabad on a transit warrant and has since been remanded to judicial custody.