Couple accused of Rs 10 cr chit fund fraud abscond
The accused—Sudha and her husband Siddhachari—allegedly ran a chit fund business from their residence in Jaraganahalli, JP Nagar 6th Phase, for over 20 years. More than 300 people are believed to have invested sums ranging from Rs 5 lakh to Rs 10 lakh with the couple, trusting them due to their long-standing presence in the community.
However, over the past year, the couple reportedly began defaulting on payments, causing concern among depositors. On June 3, Sudha and Siddhachari allegedly fled with their two children, leaving investors in shock and financial distress. Victims subsequently filed a complaint at the Puttenahalli police station.
According to preliminary investigations, the couple may have duped investors out of over Rs 10 crore. With no arrests or leads for more than four weeks, the victims have expressed frustration and urged senior ministers to intervene and expedite the search for the absconding duo.
In a significant development, DCP (South) Lokesh B. Jagalsar has written to Bengaluru Police Commissioner B. Dayananda recommending that the case be handed over to the Criminal Investigation Department (CID) for further probe.
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