Kyatham Ganesh Of Samathamurthy Chit Fund Company Arrested

The officials of the EOW, Cyberabad Commissionerate, arrested a Kyatham Ganesh and busted a cheating racket with 100 to 110 victims across Telangana, mainly in Madhapur, L B Nagar and Kukatpally, and collected Rs 1.30 crore.

The victims were enticed through bid auctions in the chit business after they paid three months' chit subscription amount. A case was first registered in the Madhapur PS, and later transferred to the EOW for investigation. The police today arrested A3 (Accused 3) Kyatham Ganesh, 44, Additional Director of Samathamurthy Chit Fund Company Pvt Ltd, residing at Flat No 502, Bharani Classic Apartments, Mansurabad, L B Nagar, and a native of Hanumakonda, Warangal district.

The police said that A1 Elupula Srinivas and his son A2 Elupula Rakesh Varma had opened a chit fund company named Samathamurthy Chit Fund Company Pvt Ltd in April 2023, and hatched a plan to induce the public. Srinivas invested Rs 10 to 15 lakh, and got acquainted with Ganesh Kyatham and got him to join as an Additional Director as he was having past experience in operating a chit fund company and duping the public with false promises.

None of the accused registered with the Asst Chit Registrar, and they all also failed to deposit the chit amounts as security deposit with the ACR, intentionally. They also recruited HRs, tele-callers and office staff, who induced some 100 to 110 people and collected Rs 1.30 crore on fake promises that they would be provided an auction in the 4th month of their enrolment in the company, and later duped them.

The police appealed to the public to refrain from investing in such fraudulent chit fund business/schemes. If any persons or companies approach people with such attractive schemes, they may inform the nearest police station or send the complaint to the Economic Offences Wing, Cyberabad, via the WhatsApp number 9490617444 or email eow-cyberabad@tspolice.gov.in