Chit fund scam: Man, wife abscond with Rs 5 cr, held

The accused, SK Kannan (45) of Virugambakkam and his wife Gowri, used to run a wholesale rice shop at Pudupet. Gowri also ran a chit fund scheme in the locality. About 60 people, including M Arunkumar (45) of Guduvanchery and his relatives, joined the scheme and paid money in instalments.

Even after the scheme’s period was over, the couple failed to pay the amount collected to them. As they went into hiding, the victims on July 5 submitted a petition at the city police Commissionerate and the Central Crime Branch registered a case.

While a special team arrested Kannan’s father Nagarajan (59) on July 6, Kannan and Gowri were arrested from their hideout.