CHENNAI: V Santha Kumar (58) of Perambur was arrested by the Thiru Vi Ka Nagar police for defrauding the public of over Rs 18 lakh in the guise of Deepavali chit fund.
E Sasikala (36) of Kodungaiyur filed a complaint detailing that she and 60 others in the neighbourhood had put money in the Deepavali chit fund run by Santha Kumar, his wife Jayanthi and their son. The family did not return the money even after the maturity period.
Probe revealed that the family lured several persons to invest in the chit fund and cheated over Rs 18 lakh.
Police are searching for others involved in the racket. Santha Kumar was produced before a magistrate and remanded in judicial custody.