Puducherry, Apr 6: Puducherry CBCID police arrested a man who cheated the public to the tune of Rs four crore by running a chit fund here. The accused were identified as Thyagarajan belonging to Vellore, Rajkamal, Ramya and three others. According to police, Thyagarajan started a chit fund 'Royal Agro and Dairy Ltd' in 2012 and lured people promising to double the amount for a five year fixed deposit.
More than 200 joined the chit fund and when they approached the chit fund to en-cash their matured five year fixed deposit, they closed down the chit fund and went absconding. On a complaint from one Tamilselvan, a case was registered and investigation was started. A search is on to nab the five other accused, police added. (UNI)