Chit funds
yeteendra naidu
(Querist) 12 February 2017
This query is : Resolved
Sirs,
I stood as a guarantor to my friend and colleague for a chit amount of Rs2,00,000/- I retired after a year and in the second year my friend died of cancer. His daughter and wife are co-guarantors for the same chit. Within six months his daughter got a job in USA and left the country and his wife when contacted said that they sold some plot and got Rs.35,00,000/- and promised to clear the outstandings but when I called her again a few days back her phone is continuesly switched off and she changed her residence too. Now the chit company people are behind me to clear the dues.
Please guide me how to go about recovering the amount from the NRI daughter in USA, how to get her address, etc. Can I file a suit against her or her mother whose addresses/whereabouts are not known.Can I lodge a police complaint for cheating or any other suggestion to recover the chit money.The Chit company has already served me a notice.
J K Agrawal
(Expert) 12 February 2017
Sir, it is Chit not Cheat. It is simply a civil matter as no body forced to you to guarantee them.
However you have right to recover from them.
Guest
(Expert) 12 February 2017
Hard luck! It is only you who have to devise some way out how to trace their whereabouts. Otherwise, you will have to bear with the guaranteed payment.
Moreover, petition cannot be filed against them for recovery by you, as a co-guarantor. Only the chit fund administrator can file a petition, if he wants to.
yeteendra naidu
(Querist) 12 February 2017
Please tell me how to enjoy or implement my right to recover ?
Guest
(Expert) 12 February 2017
You can inquire from their close relatives about their whereabouts.
yeteendra naidu
(Querist) 12 February 2017
There must be a way out to find them as one of the guarantors is an NRI, is it possible to locate her through Indian Embassy or through passport office or police dept.?
Guest
(Expert) 12 February 2017
You may try.
Rajendra K Goyal
(Expert) 12 February 2017
Is the chit fund company registered and licensed?
Without knowing full case details / material facts/ related documents, nothing can be advised. Discuss with local lawyer.
Rajendra K Goyal
(Expert) 12 February 2017
Is this the same case you raised previously:
http://www.lawyersclubindia.com/experts/Chit-funds-borrower-absconding-430716.asp
yeteendra naidu
(Querist) 13 February 2017
Yes, Sir. and thanks for the advise I shall see a lawyer soon.
yeteendra naidu
(Querist) 13 February 2017
Yes, Sir. and thanks for the advise I shall see a lawyer soon.
krishna mohan
(Expert) 23 February 2017
Since other guarantors are his blood relative you can talk to his wife being in India and by tracing her whereabouts and see for amicable settlement with the chit company.
