LawRato

Chit fund company is doing fraud


30-Aug-2023 (In Banking / Finance Law)
I had lifted one chit of 500000 chit from private chitfund ltd company in the sixth month where i received 300000, the monthly amount need to pay for me was 6500 and they told these monthly installment (6500) will be same for till 10 to 15 months but suddenly from the 10th month amount has been increasing huge something like this 10th m 1 th m and 13th m they are simply saying there is no competition of people in the auction that's why amount monthly amount is increasing , company people not showing any proofs of some one really lifted chit in huge amount. I sincerely request to please advise me how to proceed in this issue.
Answers (1)

Answer #1
661 votes
Hi,
Chit fund monthly installment's was different on every month depends on bonuses, term , charges etc. Please check the rules and regulations of the chit fund company. Most of the rules and regulations are in favour of the chit fund company as per The Chit Fund ( amendment ) act 2018. Thanks for your query. Have a nice day.
Helpful? LawRato LawRato

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."