Madhapur police arrest two men in Rs 2 crore chit fund scam
Madhapur police urged other potential victims to report to Madhapur police station with evidence
HYDERABAD: Madhapur police station arrested two financial fraudsters, Elpula Srinivas and Elpula Rakesh Varma, on Tuesday for cheating many innocent victims under the guise of Samathamurthy Chit Fund Private in Madhapur.
As per police reports, the primary suspect, Elpula Srinivas, along with his associates, Elpula Rakesh Varma and Ganesh, initiated Samathamurthy Chit Fund Private Limited in Madhapur.
They amassed significant sums from innocent people under the guise of chit funds. The trio deceived numerous innocent victims by promising huge returns on chits varying from Rs. 1 lakh to Rs. 1 crore.
According to Madhapur police, they allegedly defrauded Rs. 2 crores from their victims, and the total amount might increase as more victims come forward. Madhapur police urged other potential victims to report to Madhapur police station with evidence.
A case was registered under sections 420 and 406 of the Indian Penal Code (IPC) and section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999, at Madhapur police station, Cyberabad.