WARANGAL: With several private financial services and chit fund companies shutting down, people who had invested their hard-earned money in such enterprises are left in the lurch with nothing to do but wait for things to get better.
Though the investors have an option to approach the police and file complaints, many are reportedly not doing it in the fear that they might lose whatever money that they have.
“Many of us have already paid all the monthly installments for the particular scheme in the chit fund company that we had an account in. In the blink of an eye, they shut down and fled, leaving us helpless. We are scared to approach the police as it would become a judicial matter which takes months or even years to settle. The chances of us getting our money back will be even less,” stated some of the investors.
Under this twisted logic, the investors prefer to wait rather than approach the cops. In the meantime, several such enterprises that still continue to operate are also giving the investors a tough time by delaying the payment by claiming various reasons.
It is learnt that these financial firms are making money hand-over-fist by investing the amount from the customers in real estate businesses.
As per the Chit Fund Act, companies must register with the RBI and comply with its norms. Those who wish to start a company will have to register thefirm with the ROC and deposit the face value amount in the bank.
Investors afraid to lose more money
Though the investors have an option to approach the police and file complaints, many are not doing it in the fear that they would have to go behind the case for years, and that they might lose whatever money they have left with them.