Summary
- Receipt of money and diversion to the real estate sector.
- Money not given even in the year when the chit-time is finished
- People were pressured to buy lands in the layout.
- Two TRS MLAs supporting the activity for commissions
- Police serious about the way they are playing with peoples lives
- Warangal alone is a home for 272 Chit companies
Chit fund companies in the Warangal constituency are going bollocks with the support of TRS party MLAs. The behavior of ten companies in Warangal is leading to the suicides of the victims. Despite the police’s attempt to monitor and control this harassment, the chit fund companies are carrying on their activities with no remorse. A total of 10 chit fund companies were reported to the police of which only 3 were arrested. The two MLAs in Warangal are trying to water down the cases.
How does the Chitfunds exploit?
This majorly happens in the Semi-urban villages, municipalities, and some areas within the corporation, where chit funds are heavily publicized by entities to lure private and government employees. Poor, middle-class families are the target. Thus 50 months of cheats start with 50 people in each group. However, the property must be shown under surety to participate in this. So many people are showing real estate lands. However, they place the assets of the sister companies in the Registrar of Chits, rather than in the name of the chits.
Of these chits, however, 15 people are secretly dummies. Take those who belong to the company and give them first. If they aggressively ask for money, they’ll have no way but to follow them wherever they want and wait helplessly for the money. They take 30 signatures, that too on a white paper, even asked for the securities of government employees. And when they ask for money, they will be given the post date cheques which eventually are worthless, eventually making you run after them once again for over a year or more than that.
If somebody asks for the money to get their daughter married or buy a plot for the wedding, they will be threatened to buy a plot from their layout. The reason for this is that they buy land and do real estate with the money given by everyone every month. So, they are actually doing real estate, building a career for themselves with no penny of their own. As per the rules, the chits money should be given to someone every month and the company should work only on legal commissions. But against the law, these managers are first collecting money from the people and diverting it to real estate. Anyone who goes to sue is threatened with a civil matter by threatening with signatures taken on white papers from them.
The Chitfund managers are exploiting Crores with the support from Politicians
These people are sucking the wealth of commoners and hardworking people. Commissions and foresight are given to the leaders. They are all together in this syndicate and creating the magic web of real estate. There are 272 chit fund companies in Warangal alone. Of these, only 10 companies are doing such wrong things with their political zeal. If you set up a 100-acre venture in the suburbs of Hanmakonda, for that you have to fry 100 feet of the road with government money to increase the value of the land. This is clearly indicating the understanding between leaders and the chits fund companies.
Homicides on victims, their suicides on the rise
Cases have been registered against Achala, Shubhanandini, Akshara, Kanakadurga, and 6 other companies to date. In Achala Chits, the victim Pittala Raju pours petrol on sets himself on fire because he was harassed for money. Raju died in September last year. With this, the owner Panchagiri Satyanarayana was sent to jail. Apart from these, more cases have been registered. The cops earlier counseled people and left them, but now they filing FIRs against anyone who is involved. The owners of the cheats company are taking advance bails.
