Umesh Purshotham Jethwani, managing director of Meena Jewellers Private Limited, was arrested by the sleuths of Hyderabad Central Crime Station here on Thursday.
Deputy Commissioner of Police (Detective Department) Avinash Mohanty said the accused availed auctioned chit amount of Rs. 6 crore from Subhanjali Chit Funds and did not pay the instalments.
In his complaint, T. Hanumanth Rao of M/s Subhanjali Chit Funds said in 2014 and 2015, the accused joined seven chit groups with an aggregate chit amount of Rs. 6 crore, succeeded in the auction of bids and received money by executing agreement.
“After receiving the money, the accused evaded payment of instalments and with an intention to defraud Mr. Rao, he gave the cheques of Vijaya Bank and HDFC Bank, where his accounts were closed,” he said.
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