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m.kameswaran (student)     22 January 2018

Chit fund

friend has conducted chit in local with his relatives of 10 person sucessfully. it unregistered. one of his relative taken  money in 2nd draw, did not pay any amount till  last. but friend has maintanied  chit with his money till last.  now friend is asking the money due from such relative. he refuses and says you cannot do anything due to unregistered chit. IS there any way legally to collect back the due from him? 



Learning

 1 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     22 January 2018

It is an offense. Un-registered chit business is against to law.  Any dispute with unregistered chit business shall be in an amicable way.


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