Chit fund

Querist : Anonymous (Querist) 30 December 2018 This query is : Resolved
My Sister in law had taken chit fund for rs. 25 lacs at indirangar Chit fund in bangalore.. My husband and I and 2 of my relatives put surety..My SIL paid rs. 19 lac when she took prize amount after that she became defaulter... Now the chit fund people are threading us they are going file a criminal case on me( as I am public sector employee) and my husband along with the defaulter...
How can I get out it legally..whether this case will affect my carrier and my CBILE score?
If the chit fund company file the case against me, what will happen?

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Adv. Umesh Arora (SCI) (Expert) 10 March 2020
If you have stood as a guarantor, and signed any paper or contract (that you have not disclosed - what and how many papers have you signed and as to whether you have furnished any cheque in guarantee). If you have furnished some solid papers, then you are bound to pay the remaining amount whatsoever is payable as on date. Otherwise, only the person who has furnished any signed document shall be liable to pay.

If you have really not borrowed any money, and have not furnished any documents and so you are not a defaulter, it is not at all going to affect your service or Cibil in anyway.

Only conviction can affect it not mere accusation! (By a competent court of law)

Adv Umesh Arora
Supreme Court of India
92-5800-8500
93-5800-8500