Hello, I’m Shivakumar from a village near Pune. I’ve been part of a chit fund scheme for the past 24 months, paying ₹10,000 every month. Now, the scheme’s organizer is refusing to give me the maturity amount. He claims it’s a registered finance company. Can you advise me on how to resolve this dispute?

Apni Law
Apni Law
Law Forum › Category: Civil › Hello, I’m Shivakumar from a village near Pune. I’ve been part of a chit fund scheme for the past 24 months, paying ₹10,000 every month. Now, the scheme’s organizer is refusing to give me the maturity amount. He claims it’s a registered finance company. Can you advise me on how to resolve this dispute?
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Apni Law Staff asked 3 years ago

Hello, I’m Shivakumar from a village near Pune. I’ve been part of a chit fund scheme for the past 24 months, paying ₹10,000 every month. Now, the scheme’s organizer is refusing to give me the maturity amount. He claims it’s a registered finance company. Can you advise me on how to resolve this dispute?

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Best Answer

Apni Law Staff answered 3 years ago

Under Indian law, chit funds are regulated by the Chit Funds Act, 1982. Since the organizer claims registration, you can file a complaint with the Registrar of Chits for your state. Additionally, you can approach the Consumer Forum or file a civil suit in court for recovery of the maturity amount.

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