Chit fund fraud: Case registered against KSRTC employee, family members

Chit fund fraud: Case registered against KSRTC employee, family members

May 17, 2022

Mysore/Mysuru: Alanahalli Police have registered a case against a KSRTC employee and his family members for cheating many people to the tune of crores of rupees in chit fund business.

Based on the complaint from one Preethi, a resident of Nandini Layout in city, who had invested in chit fund along with others, Police have registered a case against KSRTC employee Kantharaju, his wife G. Nagarathna alias Usha and their family members.

In her complaint, Preethi has stated that Kantharaju and Nagarathna were running chit business of value Rs. 3 lakh, Rs. 2.5 lakh and Rs. 2 lakh in 2018 for which 21 people including herself had become members and were paying the monthly chit amount promptly, which was being collected by Kantharaju and Nagarathna’s three children.

The complaint further stated that the couple had also taken loans to the tune of Rs. 1.5 crore and when the chit period closed, the couple failed to give the money to investors and began giving reasons. Ironically, the couple began to change houses and when the investors began to ask for their money, the couple began to abuse the investors using foul language and also issued life threats to them, the complaint further stated. Nazarbad Police have registered a case.


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