Suryapet, Oct.4 : A government school teacher duped hundreds of innocent villagers, traders, and fellow employees of crores of rupees through an unauthorized chit fund and daily cash collection business before absconding with his family. The scam came to light after victims filed a collective complaint with the local police, prompting an investigation into the massive financial fraud.
The accused, identified as Banoth Raju, a native of Eneganti Thanda in Chivvemla mandal of Suryapet district, is currently employed as a government teacher at the Shettigudem Government School in Atmakur (S) mandal. After incurring losses in brick kiln and dairy businesses earlier, Raju leveraged his government job status and social standing to launch an illegal chit fund and daily collection scheme alongside his wife, Anusha. Operating across Suryapet Rural and Chivvemla areas, the couple collected up to ₹2 lakh daily through chit subscriptions and private loans, building initial trust by making timely payouts for early cycles.
Relying on his credibility as a government servant, many poor villagers, thanda residents, and traders deposited their life savings with him. However, when subscribers began demanding their matured payouts for weddings and personal emergencies, Raju switched off his phone, delayed payments, and eventually fled the area with his family. Left in despair, several victims approached the police. Authorities registered a case and initiated a thorough investigation into the couple’s financial transactions, subscriber ledgers, and asset movements to trace the absconding teacher and recover the defrauded funds.
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