2 held for chit fund fraud at Madhapur

Hyderabad: Two persons running a chit fund were arrested by Madhapur police following complaints of cheating by investors. The accused, Elpula Srinivas and Elpula Rakesh Varma, had started ‘Samathamurthy Chit Fund Private Limited in Madhapur over a year ago. Another accused, Ganesh, is absconding. The accused are alleged to have collected Rs 1 lakh to Rs 1 crore , cops said. tnn