Hyderabad: A man accused of running an unregistered chit fund business and misappropriating amount to the tune of more than Rs. 1 crore, was arrested on Monday.
As per police investigation, Munuganti Harinath had collected huge amounts of money under the guise of running a chit business illegally and then subsequently failed to return the same to his depositors.
The investigation was carried out after Y. Rajeswar Rao, a resident of Jawahar Nagar, Ashok Nagar, filed a complaint with the police. In the complaint, he said that Munuganti Harinath, a resident of Saroornagar, stopped paying his depositors from November 2019 and had switched off his phone. It was also said that Harinath transferred his property in his wife and children's name, sold it and had absconded with the money.
The police registered a case and started an investigation into the complaint.