Chit Fund Organiser Dupes Gajuwaka People

Visakhapatnam:Hundreds of people thronged the Gajuwaka police station in Visakhapatnam alleging that a chit fund organiser had disappeared with huge amounts of their chit money.

Local reported that Maradana Parasuram and his family members lured people from Vambay Colony, Priyadarsini Colony, Bapuji Colony, Sanjeevnagar Colony, Vikas Nagar and Gajuwaka to join his unregistered chit and real estate business for lucrative returns.

The subscribers were from both Andhra Pradesh and Telangana. The Gajuwaka chit victims mostly comprise Dalits and daily wage. Many victims told police that even after completion of their chit, Parasuram refused to pay the amount.

“My sister, nephew and other relatives paid all the dues for the chit. But Parasuram kept dodging payment, which amounted to ₹15 lakh,” said Sundaramma, whose physically challenged husband works as a security guard at a private company.

A group of Dalits told reporters that they are daily wage earners. They paid the chit amount regularly in the hope of arranging fees for their children's education. But they never got the money.

"Our group from Vambay Colony comprises 60 members. All of us are yet to get ₹3 crore,” said Davi Raju.

Gajuwaka inspector Srinivasa Rao said, “At this point, we cannot say how many of them lost money and how much has Parasuram embezzled. We are verifying the facts.”