Chit firm takes 100 investors for a ride in Thanjavur

DSP Arul who has been collecting details of the depositors to initiate action, promised them that the police would soon organise a camp in Aduthurai.

The depositors informed him that they had met the owner Ramakrishnan who had revealed that his partners had cheated him and so he was helpless. They also wanted the police to thoroughly investigate Ramakrishnan, trace his partners and get back their deposits.

When the DSP assured them of taking action, the depositors dispersed from the office.

Chithra Chit Fund private limited has been functioning at Aduthurai for over 50 years and people from Thiruvidaimaruthur, Aduthurai and the adjacent areas have been depositing money and paying EMIs for monthly chits based on auction. Since it has earned a good name for several decades, it has attracted a large number of people who have been depositing money anywhere between Rs 50,000 and 50 lakh.

However, on April 1 this year, depositors were shocked to see the company premises locked. Added to it, owners R Ramakrishnan and his wife Vijaya Nirmala were reportedly absconding. Subsequently, they lodged a complaint with the Neelakudi police station.

They were asked to approach the Thanjavur DSP and the case was later transferred to Tiruchy EOW office.