An Armed Reserve Sub-Inspector of Police D. Nazeer Basha, was arrested on Wednesday on charges of running a chit fund unauthorisedly since 2005 in Anantapur and duping 115 depositors of ₹8 crore. The accused has been remanded to judicial custody for 14 days.
Anantapur II Town Circle Inspector S. Jakeer Hussain Khan said that the accused reportedly had not spent a single rupee from his salary for the past several years.
“Associated with many other businesses, Nazeer Basha has four properties registered in the name of his wife. The police have sought permission from the court to attach the properties against the amount due to the depositors. The SI has ₹35 lakh in bank accounts. Around 70% of the depositors are employees of the Police Department,” he said.
In a similar case, another person Ramanaiah, a resident of Bhagyanagar, who had been allegedly running chit fund unauthorisedly for the past 20 years, reportedly thrown up his hands when the depositors sought their money back.
I Town Circle Inspector Prathap Reddy said that the accused had pay about ₹3 crore to depositors who had been given promissory notes. The police are investigating the case.
