Coin Press - Chennai Police Arrest Mother and Daughter Over ₹40 Lakh Chit Fund Case

The Central Crime Branch (CCB) of the Greater Chennai Police has arrested a mother-daughter duo for cheating around 350 people of nearly ₹40 lakh by running an unregistered Deepavali chit fund scheme in Ayanavaram.

The accused have been identified as Jennifer, 30, a resident of Anna Nagar East, and Prameela, 57.

Based on the police, Jennifer and Prameela allegedly lured people into the savings scheme by promising ₹17,000, an additional ₹5,000, besides a fancy saree, basmati rice, and sweets, in exchange for a monthly payment of ₹1,000 over 12 months.

Based on the assurances, around 350 people, including the complainant, Monisha, 32, of Korattur, her acquaintances, and residents of the locality, joined the scheme in 2025.

After collecting the monthly instalments for 12 months, totalling near ₹40 lakh, the accused failed to return the promised amount, and went missing.

Based on Monisha’s complaint, the CCB’s Tamil Nadu Protection of Interest of Depositors (TNPID) Wing registered a case and launched an investigation. A police team traced the accused and arrested the duo, who was then produced before the Special Court for TNPID cases and remanded in judicial custody.

Police Commissioner A. Amalraj cautioned the public against investing money in unregistered savings schemes promoted with promises of high returns during festive seasons. He advised people to verify the credentials of financial institutions and invest only through reliable and authorised banks and companies.

A.Leibowitz--CPN