Chit fund scam: MD arrested after 6 months on run
Business
After six months on the run, Perala Srinivas Rao, the managing director of Akshara Chit Funds, was finally arrested for allegedly cheating people out of ₹1.11 crore in chit deposits.
The company reportedly stopped paying back customers when their chits matured, leaving many depositors hanging and frustrated.
Rao has been sent to judicial custody
Police arrested Rao after a tip, seizing five phones during his arrest.
In total, 96 cases have been filed against him across Telangana, with one 12 just at one Adilabad station.
Rao has now been sent to judicial custody.
The CID also booked him and other company directors under cheating and financial fraud laws.