The Chittoor II-Town police on Tuesday booked a cheating case against a local chits organiser, Subramanyam (45), who reportedly went absconding a fortnight ago, after reportedly collecting about ₹7 crore from the public.
Circle-Inspector P. Yatheendra said that Subramanyam, of Bazaar Street, had been organising chits business unauthorizedly for the last decade.
As he gained public confidence over years, his business boomed with a large number of customers reaching him to float more chits. It was reported that the accused had started using the chit collections to purchase assets in recent years, the police officer said.
