Rs 42-crore chit fund fraud victims move Andhra Pradesh HC for refund

Nearly 300 individuals traveled to the Andhra Pradesh High Court to seek the refund of money they reportedly lost in a massive chit fund fraud. The victims, hailing from four mandals in the Tanuku region of West Godavari district, arrived in buses and vans carrying their payment receipts and passbooks. They had come following police assurances that the accused father and son were willing to return the funds collected through their financial venture.

The financial enterprise, operating under the name Sri Durga Bhavani Chits and Finance, allegedly collected a total of Rs 42 crore from the public. The father and son who operated the firm had initially filed an anticipatory bail petition. However, when the matter came up for a hearing in the afternoon, they chose to withdraw the petition, which the court permitted.

The sudden withdrawal caused immense frustration among the gathered crowd, who surrounded the vehicle of the accused as they attempted to leave the High Court premises. The situation turned tense, prompting the police to intervene, disperse the crowd with difficulty, and escort the accused individuals to the Tulluru police station.

Not yet reported: The articles do not mention whether any formal arrests have been made or what specific legal charges have been filed against the accused.