RD 005 14 August 2021
Dr J C Vashista (Advocate) 15 August 2021
Illegal and invalid business has to be closed and accused shall have to face prosecution.
The depositors know only "agent" therefore, he is personally liable to compensate the depositors.
G.L.N. Prasad (Retired employee.) 15 August 2021
An investor has to make his own inquiries while depositing the same with unknown persons. It appears that the chit fund is a company and closed by Government. You can wait for some time or inquire as to whether a liquidator was appointed to settle the due. If the company is engaged in chit fund business and registered as such with Registrar of chits, it is not fair to proceed against the agent, as he is only a commission agent, and you have not paid a single rupee to him. Contact Registrar of Chits for developments in final settlements.
P. Venu (Advocate) 16 August 2021
You have not posted complete facts.
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