Cyberabad EOW Police Nab Fraudster in Unregistered Chit Fund Scam

The Cyberabad Economic Offence Wing arrested Appampally Surya Pratap Reddy for a massive chit fund scam, collecting nearly Rs. 2.8 crore from 80 subscribers. The EOW warns the public against unregistered chit funds, emphasizing their commitment to prosecuting fraudsters and protecting victims.

The Cyberabad Economic Offence Wing (EOW) has achieved a significant breakthrough by arresting Appampally Surya Pratap Reddy, accused of operating an unregistered chit fund and defrauding numerous individuals through deceit and breach of trust.

Reddy, who lived in Chanda Nagar, allegedly orchestrated this scheme by establishing trust within his community over 14 years. He conducted unregistered monthly chits from his residence, attracting subscribers from areas like Miyapur, Kukatpally, and Patancheruv with promises of lucrative returns on investments ranging from Rs 1 lakh to Rs 25 lakhs.

Police revealed that Reddy collected a substantial Rs. 2,79,57,438 from 80 unsuspecting subscribers before disappearing without a trace. Following his arrest at Kharmanghat, authorities have urged the public to exercise caution with unregistered chit funds, reiterating their commitment to safeguard citizens from financial fraud as investigations continue.

(With inputs from agencies.)