The culprit, I K Aneja is absconding since March. Aneja used the `Aneja Group of Companies' as a front to attract sizable public funds for various schemes such as term and fixed deposits, housing, travel, marketing, jewellery and plantations.

As the proprietor of the company, he lured customers by offering interest up to 27 per cent and to gain confidence, he invariably employed retired defence personnel. The dubious nature of finance company was exposed when its post-dated cheques started bouncing. He was arrested by the city police in December and was under judicial custody till March 8 when he was granted bail. The firm which had a branch in Nagpur, also ran on similar lines.

With the backing of a political bigwigs, he opened branches atRamdaspet, Dharampet, Seethabudli and Chandrapur last year. Once again, the post-dated cheques issued by the company's branches started bouncing and with no notice the branches began closing down. Aneja's associates - Ashok Gupta, Anjali Kumar Dubey, Aarti Biswas and Kanchan Dalmia - disappeared from the town.A special team headed by ACP (CCS) Seetharam Reddy are working on the case.