Hyderabad, Nov. 6 -- Shankarpally Police arrested a 50-year-old man on Thursday, November 5, for allegedly cheating 48 investors of Rs 3.62 crore through a chit fund scheme promising high interest rates and returns.

Gudishetti Sudhakar and his wife Lakshmi allegedly collected a monthly amount between Rs 15,000 and Rs 30,000 from 2021 to 2024, amassing Rs 3,62,41,000. The overall amount is estimated to be over Rs 4 crore, police said.

A first information report was registered when one of the victims, Parsi Ashwin, paid Rs 6.60 lakh through online transactions and did not get the promised returns.

His complaint said that Sudhakar became unresponsive and several attempts to contact him went in vain. Other investors soon realised they were...