Hyderabad: A 38-year-old private employee from KPHB Colony has approached the Economic Offences Wing (EOW) of Cyberabad police, alleging that he and 44 others were duped of about ₹16 crore by the operators of a private chit fund scheme, V Ramana Reddy, his wife Sita and their family member Harisha Reddy.
We have transferred our case to EOW,” KPHB ACP E Ravi Kiran Reddy said. “While one victim went to EOW, few other victims have approached us with similar allegations. We have registered a case and arrested the main accused Ramana Reddy four days ago. He is now in judicial remand. His wife and daughter are absconding.
On the complaint of the victim, EOW registered a case on Sept 19 under Sections 318(4) (cheating) and 316(2) (criminal breach of trust) read with 3(5) (common intention) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana Protection of Depositors’ Interest (Financial Establishments) Act. “Enquiries revealed that the family had left without informing the investors or making any arrangements for repayments. When Venkateshwar recently visited the house of the accused to pay his instalment, he found the premises locked.