Central Crime Branch (CCB) of Chennai Police has arrested two key operatives of a fraudulent chit fund company that allegedly swindled over 70 investors of more than Rs 2.4 crore through false promises of high returns. The accused, including a company director and an accounts manager, operated Achilles Chit Fund Pvt. Ltd. from Arumbakkam, luring depositors with lucrative schemes before abruptly shutting down operations and vanishing with the collected funds.

The scam came to light after victim Dillibabu, a 39-year-old resident of Kovilambakkam, filed a complaint stating he had invested Rs 2.17 lakh since 2019, only to be denied returns upon maturity. Similar grievances from dozens of other investors revealed a systematic pattern of deception. The firm’s directors—Yuvaraj, Anandan, and accounts manager Vinoth Kumar—allegedly collected crores under the guise of regulated chit fund operations, then dissolved the company without fulfilling obligations, leaving depositors in financial ruin.

Following multiple complaints, the CCB’s specialized Chit and Usury Investigation Wing registered a case on September 8 and launched an intensive probe. Using financial trails, communication records, and informant networks, investigators tracked down Anandan (48) from Coimbatore’s RS Puram on October 28 and Vinoth Kumar (32) from Arumbakkam the next day. Both were produced before the Egmore CCB & CBCID court and remanded to judicial custody as the investigation continues.

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Police sources revealed that the accused exploited regulatory gaps in small-scale chit fund operations, promising returns far above market rates to attract middle-class and retired investors. Many victims, including homemakers and senior citizens, had invested life savings or pension funds, making the fraud particularly devastating. Authorities are now analyzing bank transactions and property records to trace the siphoned money and locate the prime accused, Yuvaraj, who remains at large.

The arrests have brought temporary relief to affected investors, but recovery of funds remains uncertain. The CCB has urged other potential victims to come forward, warning that unregistered or poorly monitored chit funds continue to pose significant risks. As the hunt for the remaining fugitive intensifies, this case serves as a stark reminder of the dangers lurking in unregulated financial schemes targeting vulnerable citizens.

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