The city police are close to cracking the Reddamma chit fund cheating case.
According to a top police officer, the investigating team is closing in on the mastermind, Reddamma, and five of her associates and they may be arrested shortly.
The Reddamma case had come to light a couple of days ago when subscribers of the chit fund lodged a complaint with the Two Town Police station stating that the chit fund company had downed its shutters and the persons running it were absconding.
The Reddamma Dasara Chit Fund Company, located in Rajarajeswaripeta, was involved in running chit funds and financial schemes that promised high returns. It was being run by Reddamma and only women were encouraged to invest in the schemes and join the chit fund groups. It is believed that housewives and small-time employees in the neighbourhood had put their hard-earned money in the company and the deposits had exceeded Rs.3 crore.
A few days ago when some women had gone to withdraw their money, they were asked to come a couple of days later and since last week the company organisers went missing.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
Please Email the Editor