Nagarkurnool:
Sai Babu, a chit fund trader from Shri Sai Ram Finance, has been arrested by the police. He cheated around 1,542 people out of Rs 50 crore by promising high-interest returns. District SP Gaikwad Vaibhav RaghuNath shared the details of the case.
For the past few years, Sai Babu targeted poor people in Nagarkurnool and Wanaparthy districts. He offered them high interest on chits, gained their trust, and collected their money under the guise of fixed deposits. He specifically targeted evacuees from the Palamuru-Rangareddy irrigation project, promising high returns on their compensation money from the government.
Many people believed his promises and deposited their money with him. However, after some time, Sai Babu disappeared without returning the money. He has been on the run for several months but has now been arrested and will be remanded.
Along with Sai Babu, some of his associates have also been arrested. These include Sai Dixit, Anupathi Srinivasulu, Jivva Venkateshwarlu, and Orsu Hussain. A total of nine cases have been registered against them so far, according to the SP.
A special team has been formed for further investigation. The SP assured that justice will be served to the victims.
Additional SP CH Rameshwar, DSP Burri Srinivas, CCS CI Shankar, and CI Kanakaiah were also present at the briefing.
