Hyderabad: Employee dupes Rs 80Lakh of 50 people
Reddy was working as Postal Assistant in GPO and was running an illegal and unregistered chits business.
Hyderabad: The CCS Police of Hyderabad arrested a postal assistant of GPO Abids for duping more than Rs 80 lakh in the guise of illegal chit funds and charging a high rate of interest.
According to the police, Jogannagari Satyrnarayana Reddy, the postal assistant in GPO Abids in Hyderabad has duped and cheated more than 50 members of the postal employees in the pretext of chit funds and was absconding since September 2014.
Based on a complaint from V. Ravi Krishna, a cheating case was booked along with cases under sections of Chit fund Act 1982 and section 5 of TSPDFE Act was registered at CCS Hyderabad and the same was investigated by the inspector of WCO Team-X.
“Reddy was working as Postal Assistant in GPO and was running an illegal and unregistered chits business. He collected the deposits for higher rate of interest and cheated the victims and went underground,” said the DCP, CCS, Avinash Mohanty adding that he was placed under arrest on Friday.