Chittoor SP warns public against joining unregistered chit-fund schemes

SP warns against unregistered chit-fund schemes, advises investing in government-regulated financial organizations to protect hard-earned money.

Superintendent of Police V.N. Manikantha Chandolu has called upon people to exercise caution while joining chit-fund schemes. He has warned people against investing their hard-earned money in unregistered and unregulated chit-fund schemes.

Addressing a press conference on Sunday, September 1, the SP urged the people to only subscribe to government-regulated financial organisations. “The public does not get any legal protection if they lose money in unregistered chits, making it difficult for the police to retrieve their money,” the SP said.

“Running unauthorized chits is a legal offence. Participating in these types of chits can also get one into legal trouble and face severe punishments like fines or imprisonment,” the SP said.

The SP urged the people to secure their hard-earned money by depositing it in government-approved banks, post office saving schemes, or registered chit funds. “The public is urged to report incidents of unauthorised chit-fun operations in their localities,” Mr. Chandolu added.