Chit operator ‘dupes’ depositors

July 22, 2012 09:38 am | Updated 09:38 am IST - HYDERABAD:

The Banjara Hills police on Saturday registered a criminal case after some depositors lodged a complaint that a chit operator, Dhanalaxmi, had duped them of nearly Rs. 1 crore.

The woman hailing from Tanuku in West Godavari district and her family had come to city 20 years ago. Along with the chit fund business, she used to run an interior decoration shop at road No. 5 in Jubilee Hills. She also had a factory related to interior decoration at Medchal.

Avoiding payments

Of late, she had been avoiding payments of matured chit amounts to the depositors. She reportedly used to tell the depositors not to worry about her financial status claiming that the properties at Jubilee Hills and Medchal were worth crores of rupees.

She and her family members were not to be seen for the past one week. “During inquiries, the depositors found that she had raised loans by pledging the immovable properties at Jubilee Hills and Medchal,” the police said.

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