Hyderabad Chit Fund Scam: Rs.100 Crore Fraudster Pullaiah Arrested in Bengaluru

NEWS CHARIOT:-A major breakthrough was achieved by the Hyderabad police as they arrested Pullaiah, the mastermind behind a Rs.100 crore chit fund scam, from Bengaluru. The scam, which duped nearly 2,000 investors, had created a stir after Pullaiah fled with the collected money, leaving victims in distress.

According to police reports, Pullaiah had been operating a chit fund business in SR Nagar, Hyderabad, promising lucrative returns. His schemes ranged from Rs.5 lakh to Rs.50 lakh, attracting several investors. Initially, he gained trust by making timely payments, leading more people to invest in his schemes. However, once he amassed around ₹100 crore, he suddenly vacated his house and went into hiding.

Several victims lodged complaints at the CCS police station in Hyderabad, following which an investigation was launched. After weeks of tracking, authorities traced Pullaiah to Bengaluru, where he was arrested along with his associate, Ram Anjaneyulu. The duo has now been brought back to Hyderabad for further legal proceedings.

Investigations revealed that Pullaiah hails from Chandanalakshmipalli village in Anantapur district. He moved to Hyderabad 18 years ago and initially worked as a laborer before entering the chit fund business. Over time, he built a network and gained the trust of investors, which he later exploited for personal gain.

Authorities are now working on recovering the defrauded amount and ensuring justice for the victims. The case serves as a reminder for investors to be cautious while dealing with chit funds and other unregulated financial schemes.

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