Belagavi Chit Fund Scam: Over 100 Women Allegedly Cheated of Crores After Agents Befriended and Trapped Them in Fraudulent Scheme

Bengaluru, January 21: More than a hundred women approached the Belagavi police commissioner on Wednesday, claiming that they had been swindled of their savings by chit fund agents, who purportedly first befriended them and then tricked them into investing their savings in a fraudulent scheme. A case of fraud has been lodged with the Belagavi police, and the complainants, a majority of whom are women, have demanded swift action against the fraudsters.

The fraud purportedly flourished under the guise of chit fund contributions, and the victims were fooled into investing their money in it. It’s after the chit fund manager ran away with their money that the group of women approached the city police commissioner. More than a hundred women are understood to have collectively lost over Rs 3 crores under the chit fund scam. A case of fraud was lodged by the Belagavi police, and the city commissioner has assured them of a swift investigation to track the fraudsters. BJP Alleges Rs 100 Crore Flood Relief Scam in Malda Under TMC Regime, Cites CAG Report.

Belagavi city police commissioner Bhushan Gulabrao Borase, speaking to the press, said, "Today, a group of women from the camp area gave a complaint against a firm, Shree Ganesh Mashik Varshik Fund. The complaint is that this agency collected money from them by promising them 10% interest rate per year and FDs with 25%. But, when the time came for payment, they fled.” “We have registered a case in the camp police station, and the investigation will be handed over to ACP crime. Legal action will be taken against all these perpetrators,” he added. INR 1,000 Crore Cyber Fraud Case: CBI Dismantles Major Transnational Cyber Fraud Network; Charge Sheet Filed Against 17 Accused, 58 Companies.

Sakshi Santosh, an aggrieved victim, told newsmen that she used to submit the funds to a person named Dilip Nayak. “Dilip and his son used to run this together and used to give interest for some years, but for quite some time, they have not giving any payment. They used to run a confectionery shop at Vijay Nagar, and we used to go to their shop and give them money,” she said. “However, he is no longer there; his wife runs the business there, and when we demand our money back, she says, go and ask him; we don't have any relation,” she added.

(The above story first appeared on LatestLY on Jan 21, 2026 07:44 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).