Shankarpally Police Arrest Man 'Chit Fund Fraud Case'

In a major breakthrough in an alleged Rs.4 crore chit fund fraud case, the Shankarpally police arrested Gudishetti Sudhakar (50), who is accused of collecting crores of rupees from local residents by promising attractive interest and higher returns before allegedly disappearing without repaying their money.

Shankarpally Inspector G. Rudvir Kumar and his team investigated the case and arrested the accused following which he was remanded to judicial custody.

Kumar said Sudhakar, a resident of Railway Station Road, Shankarpally, along with his wife Lakshmi and associates, allegedly collected money from several residents between 2021 and 2024 in the name of a chit fund



scheme.

Investors were promised attractive interest and higher returns, encouraging them to contribute monthly amounts ranging from Rs.15,000 to Rs.30,000 or more.

As many as 48 people allegedly contributed Rs.3.62 crore, while the total amount collected is estimated to be around Rs.4 crore or more. The complainant, Parsi Ashwin, reportedly paid Rs.6.60 lakh through online transactions towards the scheme.

Sudhakar allegedly disappeared in June 2024 without repaying the collected amounts. Despite repeated attempts to contact him, the investors were unable to recover their savings, following which the matter came to the attention of Shankarpally police.