CHIT FUND FRAUD!!!
Vennila
(Querist) 11 November 2009
This query is : Resolved
Hi Everybody,
Greetings!!!
Please suggest!!!
What are the actions can be taken against Chit Fund Fraud, Already complaint is filed by the public. We are not aware of the follow-ups that has to be made from the public's end. Please guide us.
Best Regards,
Nila
A V Vishal
(Expert) 11 November 2009
What are the facts of the case and give details of the complaint registered and the stage of investigation for advise.
Raj Kumar Makkad
(Expert) 11 November 2009
Fruad is a criminal offence and police is empowered to deal with such cases concerning general public. apart from approaching the local police authorities, it is appropriate to approach RBI as Chit Fund companies run their business under the approaval and license duly issued by RBI. If detailed factual complaint is made to RBI, it can immediately cancel the license of such company and can make further action of enquiry and so on.
G V S Jagannadha Rao
(Expert) 17 November 2009
I don't think RBI has any say in chitfunds business. RBI can only regulate Non-Banking Financial Institutions, apart from of course, Banking companies.
The basic facts are lacking in your query. Definite answers cannot be given to vague questions. What exactly to you mean by Chit Fund fraud?
Sachin Bhatia
(Expert) 17 November 2009
File a criminal complaint and also file Civil suit for recovery.
