The Central Crime Station (CCS) police apprehended a person for allegedly running unregistered chit business and siphoning off ₹2.7 crore from gullible people.
The police acted on a complaint by one Bandari Ramachandraiah, who said he was duped by the accused, after he had subscribed to the chits business. However, after completion of the chit term, the accused did not pay. Mr. Jagadishwar is said to have cheated the complainant and issued cheques which did not have sufficient funds in bank accounts. He also issued cheques of accounts which were closed. All the cheques issued by the accused were dishonoured.
Mr. Jagadiswar had worked as a collection agent in a chits company and saw huge profits in it. He then hatched a plan to run unregistered chits for getting easy money within a short time.
