Two held for chit fund fraud

The Kallakurichi police on Thursday arrested two persons for allegedly duping depositors of a chit fund of several lakhs.

The arrested have been identified as R. Vedagiri, 36, of Tiruvarur district and M. Suresh, 36, of Thanjavur district.

According to the police, the duo had collected several lakhs of rupees by offering attractive deposit schemes.

They started defaulting on payment even after maturity. When investors started demanding their money back, the duo went absconding.

Preliminary investigations by the police revealed that they had collected investments and lost the money playing online rummy games.

Almost all the victims were from Kallakurichi and surrounding villages. The two were produced before a local court and remanded to custody.

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