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Cheated by chit fund company, how to recover amount?


17-Jul-2024 (In Criminal Law)
I had deposited some x amount in this XYZ chit fund pvt ltd before demonetization. And now after all these months when i ask them to return my money they are not ready to return it. They are giving me Reasons like 'We are in problem after demonetization' and hence can not give your money back for now. They are not paying the interest amount too after demonetization and when asked they are saying they cannot even pay interest amount and need time to pay my money. And after all these drama they want to pay me 10,000 each month as in my principle amount and no interest included. If calculated i should receive around 7000 as an interest per month for my principle amount. If they pay 10000/month its is going to take years to pay my principle amount that to without interest and it does not serve my purpose. As i kept that money aside as savings. And i have a bond provided by provided by them at the time of depositing as a proof. What legal action can be taken to recover my money, how to file a complaint against chit fund company ?
Answers (4)

Answer #1
83 votes

In cases of chit fund cheating, legal action can be taken under the Chit Funds Act, 1982, the Banning of Unregulated Deposit Schemes Ordinance, 2019, and the Bharatiya Nyaya Sanhita (BNS), which replaced the Indian Penal Code, with provisions like Section 318 (cheating, formerly Section 420 IPC) and Section 316 (criminal breach of trust, formerly Section 406 IPC). If the issue cannot be resolved directly with the chit fund company, victims can file complaints with the Registrar of Chits, the Consumer Court, the Ministry of Corporate Affairs, or the National Consumer Helpline for redressal.

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Advocate Chikirsha Mohanty

Adv. Chikirsha Mohanty

LawRatoDelhi | 200+ Answers
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Answer #2
559 votes
As you have mentioned it is Pvt Ltd means it must be licence holding Chit Fund. You can issue legal notice to the Chit Fund through your advocate by claiming your amount which you invested and and you are liable to get the interest as per the plan. Mention the details which the chit fund is binding to pay you as per the policy and terms and conditions which they have explained to you. If you don't get an satisfactory answer drag them to the court by filing criminal case against them for cheating you.
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Advocate Rajesh K.S

Adv. Rajesh K.S

LawRato Bangalore / Bengaluru | 700+ Answers
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Answer #3
824 votes
If you have documents you can file suit for recovery of money civil suit and also you can file a private complaint against company under section 406 408, 409, 412, 416 to 420 of Indian penal code against all of them under section 200 of code of criminal procedure in jurisdiction court and obtain investigation to concerned police jurisdiction through court and file case and get amount from them.
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Advocate Nagesh B L

Adv. Nagesh B L

LawRatoBangalore / Bengaluru | 400+ Answers
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Answer #4
619 votes
Your query does not disclose as to whether you have deposited legally or you possess legal document to establish that you have deposited and if so on what terms etc., Better four you to approach an advocate with all your papers to get suitable advise. Monetary transaction shall not be done on confidence, shall be done only in accordance with law. Good Luck.
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Advocate Chandraiah

Adv. Chandraiah

LawRatoBangalore / Bengaluru | 100+ Answers
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