TIRUPUR: Twenty people from Udumalpet submitted a petition to the district superintendent of police alleging that a family, which ran an unregistered chit fund company, cheated them of Rs 33 lakh.
The petitioners said that when they demanded the money, one of the chit fund organisers threatened to commit suicide.
M Muthukumar and his wife Venkateswari, residents of Rahim Layout in Udumalpet, were running the chit fund for the last six years, the petitioners said. "Their schemes ranged between Rs 1 lakh and Rs 5 lakh. Returns to the subscribers were prompt when they began operation. But later, their reputation got hit," said M Balasubramanian, a petitioner.
"The organisers have failed to provide Rs 2 lakh to me and Rs 85,000 to my daughter. Like us, as many as 18 other investors have not received their money. The organisers have cheated us to the tune of Rs 33 lakh. We gave him more than a year's time to settle it. Muthukumar promised that he will sell a property and give us the money. But, he failed," said Balasubramanian.
"Muthukumar even gave us an undertaking to provide the money, but it also lapsed on October 16," another petitioner said.
The petitioners said that when they demanded the money, one of the chit fund organisers threatened to commit suicide.
M Muthukumar and his wife Venkateswari, residents of Rahim Layout in Udumalpet, were running the chit fund for the last six years, the petitioners said. "Their schemes ranged between Rs 1 lakh and Rs 5 lakh. Returns to the subscribers were prompt when they began operation. But later, their reputation got hit," said M Balasubramanian, a petitioner.
"The organisers have failed to provide Rs 2 lakh to me and Rs 85,000 to my daughter. Like us, as many as 18 other investors have not received their money. The organisers have cheated us to the tune of Rs 33 lakh. We gave him more than a year's time to settle it. Muthukumar promised that he will sell a property and give us the money. But, he failed," said Balasubramanian.
"Muthukumar even gave us an undertaking to provide the money, but it also lapsed on October 16," another petitioner said.
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