How to recover the money from an absconding chitfund company


I had invested in a Goverment Registerd chit fund company. Now the chit fund company is closed overnight and the people responsible are absconding. Majority of my payments to them were in cash but in the later months I have paid by cheque. They have given me receipts for the payments made and made an entry into a passbook kind of booklet and also they have given a contract note in the begining of the chit to explain the benefits of the chit scheme plan. Can you please suggest what kind of actions can be taken agains them and what procedures has to be followed to recover the money I have paid.

 
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Retired employee.

First get the list of such subscribers, who were dupled like you by Chit Fund company.  Contact Advocate with the Chit agreement, copies of Registration etc., and collectively fight against Chit fund company.  Collective fight reduced litigation expenses and individual attention of subscriber.  You can also meeting the Registrar of Chits to know the laid down procedure for action against such Chit fund company, as company must deposit one month chit with a Bank as fixed deposit during entire term of chit.  You can also file RTI application and can seek information under RTI by structuring RTI in the following manner.

State Public Information Officer,

Registrar of Chits.

Subject matter of Reference: Name of Chit Fund company:..................................................defunct since.

Information solicited:

1)Please provide me the copy of the registration, all documents filed by Chit fund company for registration.

2.Please provide certified copies remedies available under the Act to recover chit amount from such defunct companies.

3)Please provide total amount  available as deposit from the company with the Registrar.

4)Please inform steps taken if any against such chit fund company.

5.Please provide list of all subscribers and their addresses, if available in the company as record.

 
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