A private school teacher, who had been operating chit fund business in Nacharam, had disappeared on Wednesday allegedly with the money of several investors.
Several persons from Baba Nagar approached the Nacharam police charging that the teacher Khaleel Pasha had taken away their money they had paid him towards different chit schemes they had enrolled.
“Today 76 persons lodged complaint claiming that Pasha owed them nearly Rs. 3 crore. The number of victims could be more,” Nacharam Inspector S. Ashok Kumar said.
Forty-two-year-old Pasha, hailing from Kurnool, had settled in Baba Nagar a few years ago. He worked as a teacher in a private school for some time.
Recently, he launched the chit fund business. Scores of people residing in Baba Nagar joined his chits since he was familiar in the locality as teacher.
Losses in real estate
The police said Pasha had been avoiding meeting people after his investments made in real estate business ran into losses.
He disappeared a few days ago and could not be reached on mobile phone.
Based on the complaints received on Wednesday, police registered a case of cheating against him.