Four held for chit fund fraud
The Madhavaram Milk Colony police on Thursday arrested four persons, including a woman and her daughter, for cheating persons who contributed to a Deepavali fund.
Amudha of Mathur ran a chit fund and collected money from relatives and neighbours. She lodged a complaint with the police claiming that ₹8.5 lakh kept in a steel bureau had been stolen.
She said she and her mother were held at knifepoint. However, investigations revealed that Amudha, along with her mother Nagammal and two others, had staged the robbery to cheat customers. The four were arrested and remanded.