500 depositors petition cops against chit fund, Rs 200 crore scam suspected

A Selvaraj| TNN | Updated: Nov 12, 2017, 00:12 IST

Chennai: More than 500 people have approached the city police, with a complaint that a chit fund company had shut shop without returning their deposits nor paying interest as promised. Thripura Chit Fund had more than 150 branches in the state including Chennai Bangalore, Mysore, Mumbai, Hyderabad, Chengalpet, Calicut, Puducherry and Nellore.

Police suspect the business to be a scam involving more than Rs 200 crore. Despite several complaints pouring in from different parts of the state for the past two months, neither the city police nor police attached to the economic offences wing (EOW) have registered any FIRs so far. Many police personnel asked the complainants to approach the Saidapet police station as the company's headquarters was situated in the area falling under the Saidapet police's purview.

A police officer said, "The complainants have given petitions against the chit fund firm as they failed to return money to the matured depositors."

When a group of people approached the firm demanding the management return their money, there was a commotion. Subsequently, the aggrieved depositors lodged police complaints.

As the news spread, depositors flooded police stations to file complaints against the firm. A police officer said, "Though the petitioners have submitted their complaints, they also asked us not to pursue any case, as the chit fund officials have promised to return money on or before Monday. So, we are also waiting for the confirmation from the petitioners."

A policeman at the Saidapet crime wing police station said, "We will register a cheating case and transfer it to EOW." Police sources said, "Police personnel are lying low at the moment as the chit fund officials are buying time to return money to the depositors."

Krishnaprasad Venkatrao Perumbude is the managing director of the chit fund firm registered in the year 2003 adding five more directors in 2011 and one more director in 2013.