Complaint against chit fund company

CHENNAI, JULY 6. The City Central Crime Branch police today received complaints from a few residents of the seven wells area that a chit fund company, in which they invested money, had failed to repay the amount.

The police said the company had to pay over Rs. 3 crores to its depositors.

Ms.Sulochana of Paramananda Mudali Street, received deposits from more than 50 persons. When a couple of days ago, the depositors went to meet Ms.Sulochana, they were shocked to see her missing. Following this, they lodged complaints with the City Central Crime Branch police. Further investigation is on.

In another case of chit fund cheating, the police arrested Sasi of Thrissur.

The accused, along with his wife, was running a chit fund company. When one of the depositors, Mr. Suresh of Perambur who deposited Rs 1.65 lakhs, asked for his amount, the company failed to repay him. The company collected deposits worth Rs. one crore from more than 150 persons, a police release said.

Mr. Sasi was arrested when he came to Chennai a couple of days ago. The police were on the look-out for his wife.