Warangal: Chit fund company victims seek justice

Warangal: With the arrest of the chairpersons of three private chit fund companies for alleged irregularities in payment of the prized subscribers and other issues, many victims have been making a beeline to the police commissioner’s office here for the last two days. Hailing the arrest, they are also appealing to the police to ensure […]

Warangal: With the arrest of the chairpersons of three private chit fund companies for alleged irregularities in payment of the prized subscribers and other issues, many victims have been making a beeline to the police commissioner’s office here for the last two days. Hailing the arrest, they are also appealing to the police to ensure justice for them by seeing that they would receive their prized amount from the companies.

Though majority of the private chit fund companies are cheating their customers by delaying the payment even after several months and years after winning the chit in the erstwhile Warangal district, the issue has led to a serious debate over the alleged failure of the Registrar of the Chit Funds and even the police department with broad day light killing one Pittala Raju, a cell phone shop owner, who was set on fire by the agent of the Achala Chit Funds Pvt Ltd in September last year.

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Though the agent and his wife were arrested the next day by the Hanamkonda police, the chairman of the Achala Chit Fund company Perala Srinivas Rao was, however, arrested only on January 19 this year. On the other hand, chairpersons of two other companies were also arrested on January 19. But, the other two were released on bail.

However, police sources said that Warangal police commissioner, Dr Tarun Joshi, who is unyielding, has decided to go after whoever ‘harasses’ or ‘cheats’ the chit subscribers. “The police commissioner has even conducted a meeting with the representatives/employees of the chit fund companies and warned them to mend their ways. But they have continued with their unscrupulous ways of dealing with the customers and leading to the murder of a subscriber,” said a police officer, adding that the chit fund company managements had even tried to get the CP transferred from Warangal.

Meanwhile, sources said that the police are going to arrest a few other chairmen or employees of the other chit fund companies for the shady business. “It is an open secret that chit fund companies have been diverting the money deposited by the subscribers to real estate and other business. Politicians irrespective of parties are into these deals. That is why they are not able to pay the cash for the prized subscribers,” said a social activist Dr Suresh Devath to ‘Telangana Today’, adding that the police must be stiff in dealing with such cases for the help of the subscribers who are mainly middle class and lower middle class people.

Demanding the State government to rein in over the private chit fund companies that had mushroomed recently, CPI State secretariat member Takkalapally Srinivas Rao said that the employees/agents of the chit fund companies were threatening the chit subscribers when they ask for the payment of the prize money of dire consequences. “Subscribers are making rounds to the chit fund companies after winning the amount in the auction. But the managements are not paying the money in time,” he said, and demanded the government to give freedom to police to take action against the chit fund companies that are cheating the subscribers. There are more than 270 registered chit companies.

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