Sai Babu, the chit fund trader operating under the name Shri Sai Ram Finance, has been arrested for defrauding 1,542 victims out of Rs50 crore. For several years, Sai Babu lured unsuspecting victims from Nagarkurnool and Wanaparthy districts by promising high-interest returns on investments, mainly targeting evacuees from the Palamuru-Rangareddy irrigation project.
Promising lucrative returns on their compensation money from the government, Sai Babu convinced the victims to deposit their funds as “fixed deposits.” Many of his victims, trusting his assurances, deposited large sums of money, only to later discover that Sai Babu had absconded with their savings. After months on the run, Sai Babu was arrested by the police.
District SP Gaikwad Vaibhav RaghuNath confirmed the arrest, stating that Sai Babu had been evading capture for some time. He will now face legal action and be remanded by the authorities as investigations continue into his fraudulent activities.
