Chit fund organisers dupe people of crores of rupees

Bhadrachalam: Bhadrachalam police on Tuesday arrested three persons for cheating people of crores of rupees. According to police, the arrested persons Seelam Srinivas Reddy, Seelam Venkatesvara Reddy and Seelam Surendar Reddy were running a company named Bhadrai Chits.

They would collect huge amount from the depositors promising them enormous profits. Subsequently, they would neither give the profits nor the deposited money. The accused were trying to escape from Bhadrachalam after duping several people but the police taking prompt action arrested them.

The police recovered empty permisory notes, blank cheques and house site documents and other documents from the possession of their possession.  The arrested accused were produced before the court which sent them to the judicial remand.