Chit fund company in Bangalore cheats investors

BANGALORE: A private chit fund company allegedly cheated its investors to the tune of Rs 2 crore. In this connection, Kumaraswamy Layout police arrested a person. The accused has been identified as Rajashekhar, relative of the proprietor, Ravikumar, who is absconding.According to the police, Ravikumar was running Nisarga Enterprises, a chit fund company in Vasantapura for the last eight years. Rajashekhar was assisting him in the business. Though he returned money to the investors with interest, he had stopped refunding money since the last three years. When the investors demanded for money, Ravikumar told them to collect the money on October 20.But the investors went to the office on the same day and found the office vacated. Ravikumar has vacated his house and is absconding.“Over 50 investors registered a complaint and preliminary investigation revealed that there are around 500 investors. Ravikumar has cheated the investors to the tune of `2 crore. Efforts are on to nab him,” the police added. Kumaraswamy Layout police have registered a cheating case and are further investigating.