Press Esc to close
Saturday 25 February 2017
News updated at 2:27 PM IST
Weather
Max: 35.5°C
Min : 19.7°C
In Bengaluru
clear sky

Four held for Rs 39-cr scam

Bangalore, Sept 8, 2013, DHNS:
File photo.
The Mahadevapura police have arrested four people, including a couple, for allegedly cheating investors in their chit fund scheme of about Rs 39 crore.

The arrested have been identified as Krishnamurthy, 48 and his wife Shantamma, 45 both residents of Kadugodi. The couple have been operating a chitfund, Maruthi Chit Funds, for the last 15 years. Police have also arrested Suresh, 40, and Venkatesh, 42, who served as directors of the company. According to police, Krishnamurthy had been successfully running the chit fund for many years and was prompt in paying his investors back. However, as the chit fund went bankrupt recently, Krishnamurthy had closed the company and fled the City in the last week of August. His family had also gone missing since that time.

News of the bankruptcy had surprised many of the investors. One of them, Charan Rao, a resident of RT Nagar, said that he had been investing money in the company for many years and that it had been reliable. On discovering that the company had gone bankrupt in August, however, Rao went to the office to collect his money only to see it closed down. “Since then, Krishnamurthy and all other directors in the company remained incommunicando,” he said. Rao lodged a complaint with Mahadevapura police on September 1, leading to the arrest.

 

Go to Top

Photo Gallery
A young leopard in a box in the zoo in Eberswalde, Germany...

A young leopard in a box in the zoo in Eberswalde, Germany...

Devotees performing pooja to Lord Shiva at Shiva Temple, old airport road, on the occasion...

Devotees performing pooja to Lord Shiva at Shiva Temple, old airport road, on the occasion...

Emma Watson arrives for the Beauty And The Beast Premiere...

Emma Watson arrives for the Beauty And The Beast Premiere...

Army jawans firing air shots to pay tributes to L/NK Ghulam Mohi ud din Rather during...

Army jawans firing air shots to pay tributes to L/NK Ghulam Mohi ud din Rather during...

The yet unnamed polar bear cub and its mother Giovanna explore the open air enclosure...

The yet unnamed polar bear cub and its mother Giovanna explore the open air enclosure...

Devotees offering prayers to lord Rameshwara on the occasion of 'Shivaratri' at Rameshwara Swamy...

Devotees offering prayers to lord Rameshwara on the occasion of 'Shivaratri' at Rameshwara Swamy...

A cow stands with the cow photographer in front a screen in Verden, Germany...

A cow stands with the cow photographer in front a screen in Verden, Germany...

A boy carrying his grand father for casting during the 4th phase of assembly elections...

A boy carrying his grand father for casting during the 4th phase of assembly elections...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523