Trader duped of Rs 7.14 lakh in chit fund scam

Chhatrapati Sambhajinagar

A trader from Naregaon lost over Rs 7.14 lakh after being lured into a bogus chit fund scheme under the name of "Athi Lakshmi Chit Funds," allegedly run by a local postman. The incident took place between 2022 and 2024 in Naregaon. A case has been registered at the MIDC Cidco Police Station.

The accused, identified as Vitthal Kolte of Maniknagar, Naregaon, reportedly misused his position and personal acquaintance to deceive the investor over two years. According to the MIDC Cidco Police, one day, Kolte, along with a neighbouring shopkeeper named Shewale, visited Kasliwal’s shop. Kolte convinced Manoj Kasliwal (N-1, Cidco), who owns a shop named Omkar Services in Naregaon, to invest in a chit fund under the name Athi Lakshmi Chit Fund Pvt Ltd. The scheme, operational between 2022 and 2024, was pitched as government-recognised and offered attractive returns through monthly bidding. Kolte, known to Kasliwal since 2016 due to his mail delivery duties, explained that there were chit funds ranging from Rs 1 lakh to Rs 7.5 lakh. He allegedly promised a 5% commission on each chit while distributing the remaining amount among members. The scheme operated on a monthly bidding basis and promised good returns. Trusting him, Kasliwal made two investments worth Rs 4 lakh and Rs 5 lakh, paying monthly instalments of Rs 20,000 and Rs 25,000 directly to Kolte’s bank account from December 2022. Over time, Kasliwal’s total contribution reached over Rs 7.14 lakh.

Kasliwal’s number was supposed to be the last one in the draw. However, even after the maturity of the chit in February 2024, Kolte started evading repayment. He did not provide a physical record of the chitbook and only sent bidding updates on WhatsApp. Despite repeated follow-ups, Kolte refused to return the money. In January, Kasliwal filed a complaint with the Economic Offences Wing, following which a formal case was registered. After a preliminary inquiry, the MIDC Cidco Police registered a case under the relevant sections.