ADILABAD
The Adilabad police have arrested the CEO of Hanamkonda-based Akshara Chit Funds Private Limited, Peral Srinivasa Rao, for allegedly cheating several depositors by failing to repay an amount of ₹ 1.11 crore in Adilabad city.
Stating the details of the arrests at a press conference in Adilabad late on Tuesday afternoon, Superintendent of Police Akhil Mahajan said as many as 12 cases of cheating have been registered against the accused at police stations in two towns in Adilabad.
“The accused defrauded 12 depositors without returning the amounts in chits despite the expiry of the stipulated maturity period. He was on the run for the last six months,” said the SP.
On Monday, he was arrested by a special police team based on technical evidence. He was produced before a local court and remanded in judicial custody.
As many as 96 cases of cheating have been registered against the accused for not complying with the amounts of puppies at various police stations in different parts of the state.
Published – 17 March 2026 22:08 IST
