Cheated by chit funds, customers file complaints in erstwhile Warangal district

Instead of giving money, the company is now offering plots and residences in their real estate venture.
Image of money used for representational purpose.
Image of money used for representational purpose. (Photo | R Satish Babu, EPS)

HANAMKONDA : Many people who have invested their savings in private chit funds in the erstwhile Warangal district are worried as the operators have purportedly delayed payments for months and even years. They are now approaching the district registrar looking to recover the accumulated monthly installments.

Meanwhile, customers are also filing complaints against the chit fund companies with the grievance cell under the Warangal Police Commissionerate. Interestingly, the chit fund companies are investing in real estate and other ventures in the erstwhile Warangal district. Instead of selling their plots to other people, they are forcing their customers to purchase these plots. Even though agents are pressuring customers to buy open plots in their ventures, the customers, in return, are demanding that the chit fund companies return their money.

Speaking to TNIE, Md Hussain, an aggrieved customer in Hanamkonda, said the private chit fund company has been holding their monthly instalments for 30 months despite making regular payments. The company representatives had earlier assured them that they would receive the amount but they have not received a single rupee.

Instead of giving money, the company is now offering plots and residences in their real estate venture. “We are making rounds to the chit fund company and appealing to the police and district registrar officials to take action against such companies,” said Hussain. Despite multiple attempts, TNIE was unable to reach Warangal district registrar H Ravi for a comment.

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