Mysore/Mysuru: Many chit funds or as they call it cheeti vyavahara in local parlance have run into trouble after duping the gullible and these cases have brought to light the dark side of the unorganised investment sector. 

Despite warnings from the Government and Police cautioning the public not to invest in dubious ventures that promise the sky, people pour their hard-earned money into such chit funds. Though there are banks and post offices in every area where investment is safe though they do not promise high rates of interest, people still invest in unscrupulous cheeti floated by conmen and conwomen. 

A complaint has been filed at Udayagiri Police Station against a woman at Sathagalli,  who was running a chit fund business and the plaint states that the woman, identified as 58-year-old Hemalatha, has allegedly duped over 200 people of Rs. 80 lakh and has fled with 200 grams of gold pledged by the investors. 

The complaint was filed on June 22 by Vijaya Venkatesh, a resident of Sathagalli. She has told the Police that Hemalatha used to reside at a house behind Sathagalli Saibaba Temple for the last five years. Hemalatha had taken the house on rent from one Anupama. Hemalatha was a familiar figure among the women circles as she used to visit temples befriending several women, who used to take part in bhajans and pujas. 

Hemalatha used to run cheeti and she used to request women to invest in the monthly investment business and trusting her as she was a long-time resident of the area, many women invested money. Some have pooled in lakhs of rupees, as high returns were promised. Many women have even pledged gold ornaments without the knowledge of their husbands. 

After the term of a particular cheeti, it has to be auctioned. But Hemalatha allegedly accumulated the money and kept assuring the investors that they will get more than the promised returns. Greed forced many women to sit quiet without approaching the Police. Meanwhile, Hemalatha moved to another house near Balamuri Ganapathi Temple and continued the business from there. 

Even this too did not ring any alarm bells. Vijaya Venkatesh has told the Police that she has allegedly been cheated of Rs. 5 lakh and one more woman by name Padma was also allegedly cheated of Rs. 5 lakh. The Police complaint stated that Hemalatha had allegedly borrowed money from many private financiers in the name of several women and had taken the money for her personal use. 

Another woman Sujatha has been allegedly cheated of 150 gram gold and Rs. 5 lakh, Rs. 4.5 lakh from Sushma Rs. 2 lakh from Saroja and had now vacated the house overnight. Udayagiri Inspector Jayakeerthi has registered a case and is collecting information from women who have been conned.