VR Chits case is one of the biggest frauds, among Chit Fund cases. It was committed by Mr. Vommi Rama Chandra Rao, of Kancharapalem of Visakhapatnam City during the year 1998 to 2005 and investigated by the CID, AP.
Total Depositors in AP : 3,303
Amount cheated by the Company in AP : Rs. 33 crores.
The following 5 cases were registered and investigated by the CID, Andhra Pradesh. All cases are pending trial.
The following persons were arrested and remanded to judicial custody.
V. Srinivas Rao
Properties (immovable and movable) have been attached by Govt. vide orders:
G.O.Ms.No. 236, Home (General.B) Department, dt. 25-09-2006.
G.O.Ms.No. 146, Home (General.B) Department, dt. 13-06-2011.
Ad-interim orders issued vide above GOs were made absolute by the Special Court, Visakhapatnam. Six times properties of VR Chits were auctioned and an amount of Rs. 24 Crores was realized. Some more properties are yet to be auctioned. CID is taking steps to disburse the realized amounts to the victims by following the due process of law.