Chit firm MD held for Rs 3cr fraud

KARIMNAGAR: Finally, an organiser of a chit company, who cheated people to the tune of Rs 3 crore, was arrested by II Town police here on Friday following fresh complaints by victims. Karimnagar DSP K Chakravarthi said that they registered a cheating case against him.Producing the arrested, Gurram Sanjeeva Reddy, MD of Abhayamitra Chit Fund, before mediapersons, police said that he launched the company in 2003 without a licence from the authorities. Four months ago, he downed shutters all of a sudden and following complaints from the victims, police took him into custody. Surprisingly, police did not register a case or FIR. Later, he was let scotfree.