Man arrested for ₹1.12 crore Deepavali chit fund fraud
The Central Crime Branch has arrested a 29-year-old man involved in a Rs 1.12 crore chit fund fraud. The suspect and his father allegedly collected money from the public under false promises of gifts and high returns.
Why it matters
Financial fraud cases involving chit funds highlight the risks to retail investors and the need for regulatory oversight.
The Central Crime Branch (CCB) has arrested a 29-year-old man who was absconding in two cases involving an alleged ₹1.12 crore Deepavali chit fund fraud.
Vigneshwaran of Perambur ran VSP Enterprises on M.H. Road with his father, Santhakumar. According to the police, the duo collected money under various schemes, promising subscribers gold, silver, silk sarees, firecrackers, and other gifts.
They also promised ₹15,000 to those who paid ₹1,000 per month for 12 months. However, they allegedly failed to fulfil their commitments and went into hiding.
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