The Kodungaiyur police on Sunday arrested a 40-year-old woman for cheating several investors who had participated in a Deepavali chit fund. They are searching for her husband Nandakumar.
An official from the Kodungaiyur police station said Rani, a resident of Broadway, had lodged a complaint against Nandakumar and Santhi, of Krishnamurthy Nagar, Kodungaiyur, stating that the couple had stolen the chit fund amount that she and over 140 others had deposited. Ms. Rani said the couple had collected a huge amount of money for the chit fund, which was started in 2019, but failed to pay the returns.
The crime wing of the Kodungaiyur police found that the couple had operated an unauthorised chit fund and cheated the members to the tune of ₹28.50 lakh. Santhi was arrested and produced before a judicial magistrate.
