Hyderabad, Oct. 1 -- Private chit fund operators duped as many as 45 investors of Rs 16 crore in Cyberabad Police limits since April 2024.

The complainant, a private employee, approached the Economic Offences Wing of the Cyberabad police and filed a complaint stating that V Ramana Reddy, his wife Sita, and their family member Harisha Reddy operated the chit fund.

The fraud came to light when investors found the accused's house at HMT Hills, Addagutta, locked and their phones switched off.

Based on the complaint, the EOW registered a criminal case. The complainant, G Venkateshwar Rao, said he had known the accused, Ramana, for the past 10 years through common friends. The complainant told the police that Reddy informed him of the chit f...