Man allegedly cheats 200 people in Rs 20 crore chit fund scam in Hyderabad

HYDERABAD: A massive chit fund scam has surfaced in Chintal, under the Quthbullapur area of Hyderabad, where a man named Seetharamaiah, along with his son-in-law Murali, allegedly cheated over 200 people. The accused reportedly collected nearly Rs 20 crore from the victims under the guise of running a chit fund and has now absconded.

Residents of Sri Sai Colony in Chintal were shocked to discover that Seetharamaiah and his family had fled, leaving behind a large number of people who had invested their hard-earned money in the scheme. Victims claim that for several months, Seetharamaiah and Murali ran the chit fund, promising timely returns. However, when the time came to repay, the family disappeared with the collected money.

Many of the victims, including daily wage workers who saved small amounts to participate in the chit fund, are now left devastated. They have filed a complaint with the Cyberabad Economic Offences Wing (EOW), seeking justice and the return of their money.

In protest, the victims gathered in front of Seetharamaiah's residence, demanding action and the recovery of their funds. The police are investigating the case, and efforts are underway to trace the absconding accused.