A man who had been on the run for nearly nine years was arrested in Andhra Pradesh’s Rajamahendravaram by the Gurugram police’s economic offences wing (EOW) for allegedly duping hundreds of people of around ₹8 crore through a fake chit fund scheme, police said on Thursday.
Event Context
Police identified the accused as Lowa Raju Kanderali, 41, a resident of Rajamahendravaram. He was arrested on Tuesday and brought to Gurugram on Wednesday after which he was produced before a Sohna court and taken on four-day police remand for interrogation.
Police said Kanderali, along with at least 14 associates, allegedly operated a shell chit fund company and collected money from around 400-450 investors in Sohna and nearby areas between 2016 and 2017.
“He was brought to Gurugram on transit remand on Wednesday. Kanderali has been taken on police remand for detailed interrogation after production before court,” Turan said.
He added that investigators are trying to trace locations of other procliamed offenders who are still absconding.
“The defrauded amount at present estimated to be ₹8 crore may rise further with investigation. EOW is also trying to ascertain the properties amassed from the cheated money for confiscation,” he said.
Team Analysis
Sandeep Turan, public relations officer of Gurugram police, said an EOW team traced Kanderali’s location in Andhra Pradesh using technical and human intelligence.
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According to investigators, investors were promised that their money would double in five years and triple in six-and-a-half years. However, when investors later tried to withdraw their money, they were unable to do so and approached the police.
Following multiple complaints of a similar nature against the firm, an FIR was registered against 14 suspects, including Kanderali, under several sections of Indian Penal Code including 420 (cheating), 120B (criminal conspiracy) in 2017 at City Sohna police station.
A senior police officer said Kanderali and all others became traceless soon after the FIR was registered and they all declared a proclaimed offender by a Sohna court on May 22, 2019.
“A large number of affluent farmers and locals invested hefty amount of their saving in his firms between 2016 and 2017 and were provided with fake deposit slips and investment certificates. However, when they contacted him for withdrawing investments, all suspects became traceless,” he added.
