1 week ago
Hyderabad Police Probe Couple Accused of Rs 60-Crore Chit Scam
Police in Hyderabad are investigating a couple accused of taking money from many people.
The money was collected through chit-fund schemes.
About 50 people say they may have lost a total of Rs 60 crore.
The husband, Ramana Reddy, has been arrested.
His wife, Seethamma, is believed to be in the United States, so police issued a lookout notice.
Several victims say they were promised their money back but did not receive it.
One victim said he was owed Rs 43 lakh.
The police case is still being investigated.
KPHB police booked a couple after complaints alleging a Rs 60-crore chit-fund fraud affecting about 50 people.
Police arrested Ramana Reddy and remanded him to custody, while issuing a lookout notice for his wife, Seethamma.
Victims said the couple had run chit-fund schemes from HMT Hills, KPHB, for several years.
Complainant Bakka Maruti Reddy alleged that Seethamma owed him Rs 43 lakh, including an additional Rs 25 lakh loan.
Police said Seethamma is believed to have travelled to the United States; the case was registered as Crime No. 1080/2026.
- Who
- KPHB police, Ramana Reddy, Seethamma, and about 50 alleged victims, including Bakka Maruti Reddy.
- What
- A couple is accused of collecting up to Rs 60 crore through chit-fund schemes and failing to repay investors.
- Where
- HMT Hills in KPHB, Hyderabad; Seethamma is believed to be in the United States.
- When
- The timing of the alleged fraud was not specified; the case was registered as Crime No. 1080/2026.
- Why
- Victims approached police after allegedly failing to receive promised chit-fund payouts and repayments.
Key facts
- Alleged amount
- Up to Rs 60 crore
- Alleged victims
- About 50 people
- Arrested
- Ramana Reddy
- Lookout notice
- Issued for Seethamma, who police said had travelled to the United States
- Complainant's alleged loss
- Bakka Maruti Reddy said he was owed Rs 43 lakh
- Police station
- KPHB police
- Case number
- Crime No. 1080/2026
Quotes
Bakka Maruti Reddy
A complainant and alleged chit-fund victim
“I invested Rs 10 lakh with her in a chit fund scheme. She had promised to return the amount along with interest within two months. After taking the Rs 10 lakh, she committed fraud and fled.”
deccanchronicle.com
“They vacated the house and left; I learned they are currently in the US. I was the one who lodged a complaint with the police.”
deccanchronicle.com
Sources
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