Hanamkonda: Chit Fund company cheats subscriber, victim lodges plaint

Hanamkonda: A chit fund company has allegedly cheated a subscriber by delaying the payment even after winning the chit in the auction. A resident of Gokul Nagar in Hanamkonda, Satla Puninder subscribed two chits Rs 10 lakh each in December last year from a Mandira Chit Funds Private Limited of Huzurabad town in Karimnagar district. […]

Hanamkonda: A chit fund company has allegedly cheated a subscriber by delaying the payment even after winning the chit in the auction.

A resident of Gokul Nagar in Hanamkonda, Satla Puninder subscribed two chits Rs 10 lakh each in December last year from a Mandira Chit Funds Private Limited of Huzurabad town in Karimnagar district. As he was in dire need of money, Puninder participated in the chit auction and won one of the chits with Rs six lakh prize money in April, 2022. Following this, the company issued two cheques (Rs 2,88,500 and Rs 2,50,000) in the same month to him.

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“When I deposited those cheques in the bank, they got bounced due to insufficient funds in the bank accounts of the chit fund company,” Puninder alleged.“ Later, I made several rounds to the office of the chit fund company at Huzurabad town. But they did not heed to my pleas,” he added.

Puninder has lodged a complaint with the Subedari police appealing them to take necessary action against the Directors of Mandira Chit Funds Private Limited, Vijaykumar Ragi, Ramesh Narlagiri and Srinivas Chanda. He also lodged a complaint with the Warangal police commissioner, Karimnagar police commissioner, and Huzurabad police recently. “I am also urging the State government to regulate the functioning of the chit fund companies as several of them are cheating the people by delaying the payment,” Puninder told ‘Telangana Today’.

It may be added here police had warned representatives/employees and managements of the chit fund companies to mend their ways and pay the money to prized subscribers in time, but it seems that they have not changed.