| Posted on: 2010-03-27/00:52:02 | India - Fraud & Cyber Crime News | Others/ |
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The Vuma Group of Companies chairman, Mr K. Vumamaheswarudu, was arrested on charges of cheating over 1,000 customers in chitfund business. Police received 1,082 complaints against Mr Vumamaheswarudu. It is learnt that Vumamaheswarudu raked in Rs 32.58 crore by fooling people. Mr Vumamaheswarudu was produced in the first additional chief metropolitan magistrate court on Friday. He has been sent to 14 days of judicial remand and the next hearing on the case was adjourned to April 3. Police has seized all records of the Vuma Chits and Chitfund finance company and UMa Holiday Resorts located in Kanchikacharla. The company also maintained lockers to take deposits from customers in terms of gold ornaments and other valuables. The police said that three other accused in the case are absconding. |
| Source: deccan | Location : VIJAYAWADA |
