Tamil Nadu

Man arrested for chit fund fraud

The Villupuram Economic Offences Wing-II on Tuesday arrested a 44-year-old man on charges of swindling money from the public through a chit fund. The accused has been identified as S. Siva alias Sivakumar, a native of Belakuppam near Tindivanam.

According to the police, Sivakumar had swindled around ₹60 lakh from people by collecting money in the name of an unregistered chit fund, offering handsome returns. The matter came to light when victims lodged a complaint with the EOW, alleging that Sivakumar lured them to invest in the scheme.

After conducting a preliminary inquiry into the complaint, a case under Sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code and Section 4 (1) read with 76 Chit Fund Act was then registered.

The EOW police arrested Sivakumar. He was produced before a local court and remanded in custody.

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Printable version | Oct 20, 2021 12:16:17 PM | https://www.thehindu.com/news/national/tamil-nadu/man-arrested-for-chit-fund-fraud/article35734270.ece

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