The sudden disappearance of a farmer-turned-chit operator at Valmikipuram in the district led to a public furore. Police complaints were lodged against him, alleging cheating to the tune of ₹5 crore.
According to the Valmikipuram circle police, Bokkasam Reddappa (57) has been a resident of Valmikipuram for four decades. From being a farmer, he rose to affluence by doing real estate business and organising chits for three decades.
He earned huge assets in Valmikipuram, Madanapalle, Tirupati and Bengaluru running into several crores of rupees.
Though Reddappa earned public credibility, the people who were members of his chits business started entertaining doubts as he kept jumping payments since January.
Delayed payments
Last week, chit members grew suspicious with Reddappa’s prolonged absence from Valmikipuram. When their efforts to contact him had failed, they approached the local police and lodged complaints that they had been cheated of their chit amounts. Some police personnel are also reportedly his chit customers.
Traced at Bengaluru
A police official said that Reddappa and his sons were traced at Bengaluru, where also they have properties. “Reddappa is having huge assets at several places. He might be under financial pressure due to various businesses. We are looking into the matter,” he said.