Suspect who duped people of ₹8-cr in fake chit fund scheme, arrested

Lowa Raju Kanderali, 41, was arrested in Rajamahendravaram, Andhra Pradesh, by Gurugram police's EOW after being on the run for nearly nine years.

He is accused of running a fake chit fund scheme that collected around ₹8 crore from 400-450 investors in Sohna and nearby areas between 2016 and 2017.

Investors were promised their money would double in five years and triple in six-and-a-half years, but could not withdraw funds later.

An FIR was registered in 2017 under IPC sections including 420 (cheating) and 120B (criminal conspiracy) against 14 suspects, including Kanderali; he was declared a proclaimed offender in 2019.