Case filed against 3 men for embezzling Rs. 71 lakhs through chit funds in Coimbatore
Coimbatore: Ronald Reagan David, his father David Samuel and their friend Rajendran ran a chit company in Coimbatore. They collected money from many people in Coimbatore through monthly chits.
Ansari (34) of Kurichi Housing Unit had joined the chit company and paid Rs. 5 lakhs. But since his maturity amount had been delayed and having heard that the trio had gone into hiding after shutting down the chit company, Ansari lodged a complaint with the Podanur police.
Police investigation revealed that 68 people had been swindled of Rs. 70,61,000. The case was subsequently transferred to the Coimbatore Economic Crimes Division police. All three men have been charged under various sections of the law, including conspiracy, fraud and the Labor Protection Welfare Act.
Ansari (34) of Kurichi Housing Unit had joined the chit company and paid Rs. 5 lakhs. But since his maturity amount had been delayed and having heard that the trio had gone into hiding after shutting down the chit company, Ansari lodged a complaint with the Podanur police.
Police investigation revealed that 68 people had been swindled of Rs. 70,61,000. The case was subsequently transferred to the Coimbatore Economic Crimes Division police. All three men have been charged under various sections of the law, including conspiracy, fraud and the Labor Protection Welfare Act.