Hyderabad: A couple running a chit fund allegedly collected ₹50 crore from residents and fled to Switzerland, switching off their mobile phones, according to complaints lodged with the police.
According to police, Pabba Chandrasekhar and his wife Swapna left their Cherlapally home on June 22, telling their family members they were going on a sightseeing tour. They last messaged their daughter Shreya on July 8 before going incommunicado. Shreya lodged a missing complaint at Cherlapally police station.
Upon learning this, investors who had put money into Chandrasekhar’s chit fund business protested outside his house, demanding repayment.
Police said Chandrasekhar had been running Sri Venkateshwara Marketing, a cement finance and chit fund firm in Kushaiguda, for three decades. Victims alleged he borrowed large sums citing his daughter’s marriage and family health issues.
One complainant, B. Sabita, said he took lakhs from locals, while another, G. Satyanarayana, claimed he collected ₹50 crore from over 70 people before disappearing. Malkajgiri police commissioner B. Sumathi confirmed a case has been registered and financial records are being examined. “We are probing all angles and may write to the Switzerland embassy if required,” a senior officer said.
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