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Held for irregularities in chit fund trade

Staff Reporter

CHENNAI : Police have arrested a man on charges of irregularities in chit fund business and a city court remanded him to judicial custody.

Based on a complaint from V. Banu of Vyasarpadi, Commissioner of Police Letika Saran directed the Central Crime Branch to register a case of cheating.

Preliminary inquiries revealed that S Vasu of Red Hills had been running a chit fund without proper licence. Along with his wife, Latha, he had collected Rs 8.77 lakh from many since 2004. But they did not repay.

A police release here on Sunday said Latha was arrested in September 2006 and granted bail in December 2006. Her husband Vasu had been at large.

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