Officials of central crime station of Hyderabad city police on Tuesday arrested a retired police officer and his son for cheating some 80 members in a chit fund fraud.
Machelme Tulasi Dass and his son Karthik Kumar, residents of Siva Sai Nagar in Uppuguda, police said, have been running unauthorised private chits for almost three decades now. Styled as ‘Om Ganesh’, the group offered various attractive schemes, such as assured and maximum returns on base contribution. From ₹ 50, 000 to ₹ 4.5 lakh amounts, the schemes were subscribed by residents in and around Uppuguda.
And last month, suddenly and without a hint, the accused persons absconded with an accumulated contribution of about ₹ 4 crore, the police said.
They were arrested on Tuesday and booked for cheating and under provisions of The Telangana State Protection of Depositors of Financial Establishments Act.
