School principal absconds with Rs. 10 cr chit fund amount

A school principal, Balasubramanyam, of Kamareddy in Nizamabad district, is absconding with Rs. 10 cr that he had collected towards a chit fund that he was running. Many teachers and traders had given him their hard earned money. They lodged a complaint with the police, who registered the case and took up investigation. A number of members of the chit fund deplored that they trusted him with their money as he had been running the business from the past 20 years.