Hyderabad: Central Crime Station (CCS) sleuths have registered a case against Sri Niraya Fund private. Ltd., headquartered in Kadhi Kapur, Hyderabad, was charged for allegedly cheating subscribers. The complaint was lodged by BB Satyanarayana, 60, a resident of Peerzadguda, Uppal, who retired from the cement industry in December 2022.
According to the complaint, Satyanarayana started a contract with Sreenilaya Chit Fund in November 2020 worth Rs 20 lakh for a period of 40 months. He paid the installment through NEFT payment till the 36th month before the 10th of every month and canceled the policy in January 2024. Rs 1.72 million was supposed to be transferred to him within 21 days, i.e. March 2024.
Satyanarayana claims to have visited Sreenilaya office 30 to 40 times since February 2024, but each time it was the managing director Basava Shankar Rao Told him that no other customers were charged anything. The chit group was officially closed in April 2024, and the complainant lost the money he was entitled to.
Seeking intervention, Satyanarayana approached the Chit Registry in Erragada, Hyderabad, in March 2024. There was no progress on the money front for Satyanarayana.
To further complicate the situation, the fund house has downsized significantly. Sreenilaya Chit Fund previously had branches at Ameerpet, Dilsukhnagar and RTC X Roads, but these branches were closed in the past five years. The company now operates solely from its headquarters, with just two employees remaining.
Furthermore, the complainant claimed that around 30 to 40 Chit subscribers are yet to receive their Chit amount. Sreenilaya Chit Fund has previously run several Chit groups including Rs. 40 Lakhs 20 Lakhs 10 Lakhs group. However, there was only one set, worth Rs. 10 Lakhs, still active and expected to close by December 2024.
Shankar Rao claimed that approximately Rs. Rs 12 crore is still to be recovered from customers and he has filed a civil suit against the defaulters. He told Satyanarayana that the company could refund the small invoice amount only after recovering these dues. Still, no meetings have been held with clients, raising concerns about transparency.
