One arrested in chit fund fraud case in Dindigul district
Dindigul police have arrested one individual involved in a ₹3.25 crore chit fund scam that defrauded over 60 people. Authorities are currently searching for a second suspect while warning the public against participating in unauthorized financial schemes.
Why it matters
The case highlights the risks associated with unregulated financial schemes and the ongoing efforts by law enforcement to protect investors.
Dindigul District Crime Branch police on Monday arrested P. Ravichandran of Periyakottai in Oddanchatram in the district in connection with a chit fund scam.
According to the police, Ravichandran, along with his relative P. Vijayakumar, jointly operated an unregistered ₹5 lakh auction chit fund in Periyakottai. Together, they had defrauded more than 60 people by collecting amounts ranging from ₹50,000 to ₹3 lakh, totalling ₹3.25 crore.
Ravichandran absconded without paying the money to the subscribers. Based on the complaint, DCB police arrested Ravichandran. Subsequently, he was remanded in judicial custody. He is currently lodged in Madurai Central Prison. The police are on the lookout for the second accused, Vijayakumar, who is absconding.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in