Two chit fund organisers turn cheats, arrested

​Hyderabad: Central Crime Station(CCS) police arrested owners of Rishab Chit Fund India Private Limited on Thursday on a charge of cheating.  The police said the chit fund organisers Sailesh Kumar Gujjar and his wife Nandini Gujjar had defrauded 500 persons to the tune of Rs 50 to 60 crore.

According to CCS Additional DCP G Jogaiah, the police sealed the houses and offices belonging to the organisers. The police also had frozen the bank accounts belonging to them and also seized some documents. 

Sailesh Gujjar along with his wife Nandini started the Rishab Chit Fund India Private Limited in 2009 and got it registered, collected fixed deposits from their friends. Further they diverted the money in casino business at Goa and other business. 

On a complaint by one of the depositors, M Santosh Kumar, a private employee from Shah Gunj chowk, Mahankali police registered a cheating case and later it was transferred to CCS for investigation. Tension prevailed at CCS as a large number of chit fund company depositors descending on learning that Sailesh Gujjar was arrested.