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.
PTI