Four held for duping 28,000 people in Hyderabad 'Chit Fund Scam'

The Central Crime Station (CCS) and Palakurthy police on Wednesday arrested four members gang for duping 28,493 people under a chit fund scam, allegedly collecting Rs 11.39 crore and cheating investors for an additional amount of Rs 4.84 crore.

The accused were identified as Teppali Saidulu of Gaddepalli (Suryapet), Manubothula Ramakrishna of Nandigama (Krishna district, Andhra Pradesh), Podila Suresh Kumar of Penpahad (Suryapet), and Podila Sridhar of Huzurnagar (Suryapet). The gang had been operating from Palakurthy, Jangaon district.

According to the police, the prime accused, Saidulu, who already had 10 cases registered for fraud, created a fake firm named ‘Hepzibha Firm’ under his



wife’s name in 2023 and launched an illegal chit fund in 2024.

Members paid Rs 6,000 each, of which Rs 4,000 was pocketed by the accused, while gifts worth only Rs 300 were supplied but shown as Rs 2,000 to gain trust. Members were promised Rs 1,000 per month for 20 months, and they could take multiple memberships.

Police have seized Rs 5.92 lakh in cash, 684.5 grams of gold coins, 150 grams of gold ornaments, a car, mobile phones, a laptop, receipt books, cheque books, stamps, a cash counting machine and documents related to land and house plots, freezing 17 bank accounts with transactions worth Rs 5.48 crore.

Police have registered a case and are further investigating.