After paying ₹7 crore in 45 chits, subscriber receives ₹8,000 from Margadarsi Chit Fund: A.P. CID

CID alleges MCFPL pushed the subscriber into a debt trap, forcing her to join 90 chits.

The Crime Investigation Department (CID) of Andhra Pradesh alleged that the Margadarsi Chit Fund Private Limited (MCFPL) has pushed a subscriber into a debt trap by forcing him to join in nearly 90 chits in Vijayawada.

Addressing a press conference on September 7 at the Andhra Pradesh Secretariat at Velagapudi in Guntur district, N. Sanjay, Additional DG of the CID explained that the MCFPL has returned only ₹8,000 to Bondu Annapurna Devi, who paid nearly ₹7 crore through 45 high value chits.

In addition to that the Company has been demanding her to pay ₹1.7 crore due amount to close these chits and hence she approached the CID and lodged a complaint against the MCFPL, he added.

Mr. Sanjay further explained that initially, the victim joined in a single chit, but due to certain reasons, she started taking more and defaulted. After defaulting the previous chits, she was suggested to take more and more chits to pay for them, he added. Eventually, she was forced to subscribe in many chits on her name, her husband’s and family members’ names and other relatives’ names.

He said that despite knowing that she had defaulted and could not pay money for the new chits, the MCFPL encouraged her to subscribe with the intention that she has some poultry business, that her husband is a veterinary doctor and that they have properties. He said that she also worked as an agent for the MCFPL.

In addition to that, the ADG explained that MCFPL indulged in forging a signature of B. Priyanka, daughter of Annapurna Devi, who is studying abroad. In her absence, the MCFPL executed a chit on her name and completed the transactions in their book adjustment by using the forged signatures.

During the press conference, Ms. Annapurna Devi also said that she lost everything including her ancestral properties in paying the defaulted money to the MCFPL. She said that the MCFPL employees forced her to join in nearly 90 chits only to repay their amounts.