Vijayawada: TDP Leader Flees After Cheating Depositors in Chit Fund Business

Vijayawada: A TDP leader ran away after cheating nearly 300 people of Rs 6 crore in the name of chit funds. The victims approached the police to file a cheating case against the accused Patiwada Appala Naidu who went missing after duping them.  

According to the victims, Naidu ran a Bhanu Nagar chit firm in which several people including daily wage workers deposited their hard earned money. Some people have said they deposited between Rs 5 to 10 lakh rupees in the chit firm. One victim said Naidu did not give him the amount even after winning the chit and said he would give him interest for his amount. 

They said Naidu was running the chit fund business for the last 15 years and people were trusting him as he never defaulted in the payments. The people would blindly trust him as he would also give the interest on their amount. The depositors realised that they were cheated only after he went missing with their hard-earned money. The police have filed a complaint and launched an investigation into the cheating case. 

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