Couple Booked in ₹5 Crore Chit Fund Fraud, Investors Protest in Hyderabad

A couple in Hyderabad has been booked by the Rajendranagar police for allegedly cheating local residents of nearly ₹5 crore through unauthorized chit fund schemes. The accused operated these schemes in Budwel for several years, building trust among the community before collecting large sums of money with promises of attractive returns.

Investigators said that when multiple chit schemes matured, the couple started delaying repayments. They eventually locked their house and fled with their family, leaving investors stranded. In response to the alleged fraud, dozens of affected investors gathered outside the locked residence on a Sunday to stage a protest, demanding immediate action and the recovery of their savings.

The victims, largely from middle and lower-middle-income backgrounds, reported losing their life savings meant for essential family needs like weddings and education. Some participants had trusted the operators for over 15 years. Police have registered a cheating case, started an investigation, and are making efforts to trace the absconding couple and verify the total funds collected.

Not yet reported: The articles do not mention whether the chit fund schemes were legally registered or if the final verified collection amount differs from the estimated ₹5 crore.