CHENNAI: A group of residents from Thanikachalam Nagar, Kolathur, on Thursday petitioned City Police Commissioner R. Nataraj saying they had been cheated by a chit fund operator. Police said some 25 residentshad joined the chit fund run by one of the residents, Soundararajan. He allegedly refused to return their money on maturity.
After some persuasion, Soundararajan however agreed to repay them by selling his property, and gave them power of attorney to sell the property. The depositors, however, could not sell the property as Soundararajan had meanwhile cancelled the power of attorney.
They also said that Soundararajan's henchmen had threatened them when they insisted that he pay the money back.