Rangareddy (Telangana) [India], November 26 (HBTV): The Economic Offence Wing (EOW) Police of Cyberabad arrested Appampally Surya Pratap Reddy, a resident of Chanda Nagar, Serilingampally Mandal, Ranga Reddy District, for alleged cheating, criminal breach of trust, and defrauding chit fund subscribers.

According to a press release, Reddy had been running unregistered monthly private chits from his home in Chanda Nagar for 14 years. He gained the trust of residents in his locality and nearby areas, such as Miyapur, Kukatpally, and Patancheruvu, convincing many to subscribe to his schemes. The accused operated chits ranging from INR 1 lakh to INR 25 lakh on a commission basis.

Over time, Reddy collected INR 2,79,57,438 from 80 subscribers but abruptly closed his house and fled the locality. He was eventually apprehended at Kharmanghat.

Following the incident, the Cyberabad EOW Police issued a public advisory warning against subscribing to unregistered private chit funds and reiterated their commitment to prosecuting fraudsters and ensuring justice for victims.

The case is being investigated by Assistant Commissioner of Police S. Murali Krishna under the supervision of Deputy Commissioner of Police K. Prasad of the Economic Offences Wing, Cyberabad.   

(ANI)