Investors: Chit fund owners cheated us

COIMBATORE: Investors besieged the house of a private chit fund firm owner in Bodipalayam near Malumachampatty in the suburbs of Coimbatore. Police said that Velusamy 75 a resident of Bodipalayam near Malumachampatty was running a chit fund firm and had collected more than Rs 7 crore from hundreds of investors.

He failed to settle the amount at the promised time. He asked for time till January 30. As soon as the date was reached, hundreds of investors besieged his house and began quarrelling with him. Following a tense situation, police rushed to the spot and pacified the investors. Police asked them to lodge a complaint with the city crime branch. Some investors agreed and dispersed while another group still remains in front of Velusamy’s house, demanding return of their money.