Press Esc to close
Thursday 11 February 2016
News updated at 8:27 PM IST
Weather
Max: 33°C
Min : 20°C
In Bengaluru
Partially cloudy

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
Relatives of Lance Naik Hanumanthappa Koppad mourn his death at his home in Betador in Hubli...

Relatives of Lance Naik Hanumanthappa Koppad mourn his death at his home in Betador in Hubli...

Vehicles stranded at Jawahar Tunnel, which connects the valley to the rest of the country during...

Vehicles stranded at Jawahar Tunnel, which connects the valley to the rest of the country during...

Girls taking selfie during the lok Mela at Punjabi University in Patiala...

Girls taking selfie during the lok Mela at Punjabi University in Patiala...

President Pranab Mukherjee walks at the Mughal Gardens at Rashtrapati Bhavan during its press...

President Pranab Mukherjee walks at the Mughal Gardens at Rashtrapati Bhavan during its press...

Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi inspects guard of honour during...

Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi inspects guard of honour during...

Gold medal winners Prarthana Thombare and Sharrmadaa Baluu of India, pose during the presentation...

Gold medal winners Prarthana Thombare and Sharrmadaa Baluu of India, pose during the presentation...

Bangladesh Goalkeeper Md Rasel Mahmud in action against Nepal during the group matches of the...

Bangladesh Goalkeeper Md Rasel Mahmud in action against Nepal during the group matches of the...

Shooters of India and Pakistan take part in the individual 25m center fire pistol men's...

Shooters of India and Pakistan take part in the individual 25m center fire pistol men's...

Sri Lanka's Nalantha De Silva, right approaches as India's P.L.Thiamanna, tries to control the...

Sri Lanka's Nalantha De Silva, right approaches as India's P.L.Thiamanna, tries to control the...

T Gopi of India winner of gold medal (front ) and Suresh Kumar of India winner of silver medal...

T Gopi of India winner of gold medal (front ) and Suresh Kumar of India winner of silver medal...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523