Chit fund scam accused convicted after 11 years

HYDERABAD: A court at Malkajgiri on Friday sentenced Patti Srikanth, managing director of Supraja Enterprises, a private chit fund firm, and his employee R. Sai Kumar to seven years jail and a fine of Rs 10,000 each in an 11-year-old chit fund scam case.

Malkajgiri police said Srikanth floated collected amounts ranging from Rs 50,000 to Rs 2 lakh from several people and shut shop after three years. Thirty people who had lost their money complained against the firm, alleging a loss of around Rs 35 lakh.

The court began the trial in 2018 and recorded the statements of around 25 victims and examined the evidence presented by the prosecution. Rachakonda police commissioner D.S. Chauhan appreciated the investigating team, court officers and assistant public prosecutor who pursued the case.