The Telangana Crime Investigation Department (CID) has arrested four individuals involved in a massive chit fund scam that defrauded at least 1,300 citizens of Rs70 crore in Hyderabad. The accused, identified as Chavva Kumar (50), Chavva Yadagiri (62), Chavva Chinna Esthari (60), and Chavva Venkatesh (58), were taken into custody on Monday after a complaint was filed by Pasham Venugopal Reddy, a resident of Nallakunta.
The accused individuals allegedly operated a fraudulent chit fund scheme, attracting citizens with promises of high returns on their investments. However, once they had collected substantial amounts of money, the scamsters disappeared, leaving the victims with significant financial losses.
The CID’s swift action led to the arrests, and further investigation into the scam is ongoing. Authorities are working to identify more victims and gather evidence to build a stronger case against the accused.
