Daijiworld Media Network-Tumakuru

Tumakuru, Feb 9: A woman from the city has been charged of cheating investors to the tune of whopping Rs 5 crores in a chit fund business.

The woman has been named as B S Shobha, the wife of T M Ramachandra. They are residents of Gangotri Nagar.

As per details, the investors including engineers and traders from the city have lost money from Rs 1 lac to Rs 5 lacs. T M Ramachandra has been running the money lending business for the past 15 years. Shobha has been collecting money from the investors with the promise of huge returns in a chit fund managed by her. Now for the past one month she is not to be seen in the city.

Ramachandra, while approached by the investors has allegedly threatened them with dire consequences. Aggrieved investors approached the district superintendent of police with their complaints.

Tilak Park police station has been directed by the district superintendent of police to investigate the matter.