The Madhapur police on Thursday arrested the third suspect in a chit fund scam case reported earlier in February.
The suspect was identified as Kyatham Ganesh, 44, a resident of L.B. Nagar and additional director to Samathamurthy Chit Funds Pvt Ltd, the company that conned 100-110 people across Telangana, mainly in Madhapur, L.B. Nagar and Kukatpally, to the tune of ₹1.30 crore, said Vineeth G, Deputy Commissioner of Police, Madhapur.
This comes exactly a week after the police arrested two suspects identified as Elpula Srinivas and Elpula Rakesh Varma. The three, via Samathamurthy Chit Fund Private Limited, enticed victims with a bid auction in chit business after paying three months chit subscription amount, post which, the company would provide an auction for every investor in fourth month of their enrolment.
The case is being investigated by M. Hussaini Naidu, Assistant Commissioner of Police, Economic Offences Wing, Cyberabad, under the supervision of K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad, and overall supervision of Avinash Mohanthy, Commissioner of Police, Cyberabad, the officials said.
