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Duped chit fund investors allege fraud of Rs 1.5 crore

Several residents of Pallikaranai, most of them women, filed a complaint with the suburban police on Sunday saying they were cheated by
a medical store owner of the area who ran a chit fund scheme. Rajeshwaran and his family, the complant said, had cheated 500 people of Rs 1.5 crore.

The victims, including some from Velachery stated that every month they deposited amounts ranging from Rs 2,000 to Rs 10,000 with Rajeshwaran. In the chit-fund system, subscribers are promised high returns at the end of a certain period of time. The only guarantee of high returns given by the fund collector is oral.

Rajeshwaran, for a while, scrupulously paid the returns every few months and managed to increase his customer base. On January 22, some depositors went to collect their returns and were asked to come back on January 28 as Rajeshwaran had to go to Nagercoil. They returned on January 28 and found his shop and house locked. Rajeshwaran, his wife Lakshmi and daughter Kalaiarasi were missing. They couldn't be reached over the phone either.

The depositors then approached the suburban police.



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