Shadnagar gold scheme and chitt fund scam
RSD- Hyderabad news: Shadnagar police have arrested a person who committed scam with gold scheme and chitt fund business. According to the details given by the police, a person named Avusula Naresh, owner of Ankit Jewellery on Parigi Road in Shadnagar town, used to run Lakshmi Narasimha Gold Shop and chitt fund business. He used to show people the gold shops of some people he knew and tell them lies in the name of gold scheme and chitt funds and convince them that they would pay Rs.1000 per month for 20 months and that he would make gold items. He used to take money in advance for 8 tolas of gold. Thinking that he would return the entire amount of money earned from the gold scheme chitt fund business, people belived him but he absconded with approximately one crore rupees. With this, on 02.09.2024, a person named Kavali Prabhakar filed a complaint at Shadnagar Police Station and a case was registered and an investigation was started. Based on technical evidence, the case was solved on 17 – 02- 2025 and the accused Avusula Naresh was arrested and sent to remand. Shamshabad DCP Rajesh, Additional DCP Ram Kumar, Shadnagar ACP CH Rangaswamy, CI Vijay Kumar, Investigation Officer Venkateshwarlu, DI Crime DSI Shiva Reddy and Crime Team Mohan Karunakar, Zakir Raju and Rafi played a key role in cracking the case and were felicitated with appropriate rewards.
