Erode: A local DMK functionary and his wife
have been arrested for allegedly cheating people of over rs 65
lakh in a chit-racket, police said today.
Police said Saravanan, Erode third ward functionary,
and his wife conducted `unregistered chits` and collected
the amount from more than 500 persons.
When their deposits
attained maturity, several people demanded their money but
the payments were delayed and a few days ago, the couple
absconded, police said.
Following a complaint, they were traced near a hotel
here last night and arrested, sources added.