Fraudulent firm assets seized

Highlights

District Registrar of Chit Funds Murali Krishna seized the assets of Sai Bhavana chit fund company in Chirala, following the complaints of customers that the company had repeatedly failed to refund the matured amount. Sai Bhavana chit fund company has been operating 34 branches in three States and opened a branch in Chirala some time back. 

Chirala: District Registrar of Chit Funds Murali Krishna seized the assets of Sai Bhavana chit fund company in Chirala, following the complaints of customers that the company had repeatedly failed to refund the matured amount. Sai Bhavana chit fund company has been operating 34 branches in three States and opened a branch in Chirala some time back.

It collected more than Rs 1 crore from hundreds of customers in Chirala and surrounding villages. As the company had failed to refund the matured amount for the past four to five months, some of its customers lodged a complaint with the District Collector and the SP on Monday.

Following the complaints of customers, the District Registrar of Chit Funds Murali Krishna inspected the company records. As the officials of the chit fund company failed to give satisfactory responses, he ordered the seizure of company’s assets.

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