Kapil Chit Funds — Non payment of chit auctioned money and cheating by manager Kapil chits champapet branch,hyderabad

Address:

Kapil Chits, Champapet branch, I.S Sadan X Road, Eshwar towers 2nd floor, Santosh Nagar, Hyderabad, T.S

Respected Sir,
I K. Satish Chakravarthy, S/o K. Ashok Chakravarthy, Age :29 years, Occupation: Advocate, R/o 8-4-87/4/1, Uday Nagar Colony, Karmanghat, Hyderabad T.S.
I submit that, in the month of December 2020, an agent of kapil chits branch named Mr.B Rama krishna has contacted me and requested me to subscribe a chit in their company, thereafter I become a subscriber at the Kapil Chits Chamapet Brach, Hyderabad, from December 2020.
My chit group code ticket no: KHC01T03R-40, Chit value is Rs.1, 500, 000/- (Fifteen lakh rupees) with a monthly subscription of Rs.30, 000/-.
I further submit that the manager named Rama Krishna has induced me to participate in chit bidding and told me that I will get good money in the auction and my chit will be approved within 15 working days which will benefit me. Believing his words, I participated in the online bidding auction in the month of March 2022 to May 2022, where I was the bid winner in the auction in the month of May and Rs.9, 90, 000 was the money which I suppose to be paid by the chit fund company. Thereafter the branch manager issued me a form to be filled in by 3 sureties, who are preferably government officers and asked to submit their recent pay slips.
I submit that I has arranged for all the requirements of the said chit fund company, and I have submitted the sureties form by attaching 3 months pay slips of the concerned sureties by august 2022.
I submit that even after one month of my surety form submission to the manager, I did not get any response, then I has visited their office and when questioned them regarding the release of my money, I was shocked to as he replied that I was not eligible for participating in auction as the reason my bid auction and sureties form has been rejected by their head office, reason stating that my payments were irregular.
I submit that, I informed the manager that my payment were paid regularly most of the time and when ever there was delay I paid it with the penalty/late fees, and questioned him that if I was not eligible for the auction then why did he induced me to participate in auction from month of march 2022 until I succeeded in bidding in month of May 2022 on promise that my chit will be approved with in 15 working days and asked that why did he never informed me that I was not eligible and why did he allow me to participate, later why did he asked to submit 3 sureties, for which the manager could not give any explanation and requested me to give allow few days’ time so that he can talk to his seniors and approve my chit money.
I submit that I did not get any response from the manager, and he was also avoiding my phone calls. Then I again visited his office and enquired regarding my chit auction, he replied that it is in process and will take some more time.
I submit that thereafter till today I telephoned the manager, number of time where he kept on avoiding my phone calls, then I again visited his office along with my colleague Mr. Srikanth Yadav and questing him regarding the delay and I was shocked at his response where he said that It is not being approved and it will get approval only if I pay him Rs 1, 00, 000/- or else if I do not pay him the money which he has asked, he said that he will make sure that the chit auction will not get approved and will keep me waiting for long time.
I submit that, I told him that I am not going to pay him any money and asked him to cancel my auction and return the monthly chit instalment payments which was paid my me until May 2020 from January 2021, then he replied that it cannot be cancelled and threatened me that all the monthly installments which I paid till now will not returned and he will impose huge penalty if I would like to exit from the chit group.
Therefore, I submit that I have been cheated by the manager of Kapil chits Champapet branch that, he induced me knowing that I was not eligible for participation in Chit Auction, asked me to participate on false promise that I would get profits and I will be benefitted from it, and I further submit that he stated extorting and harassing me to pay 1, 00, 000/- one lakh and threatening me that if I do not pay the money, he will make me suffer financially and mentally.
I submit that believing the words of the manager in the month of March 2020, I made few financial commitments and with the delay and harassment caused by him, I has to incur huge loss and also suffering through mental agony.
Hence, I request the kind officer to take appropriate legal action against Mr. Rama Krishna, Branch Manager of Kapil Chits, Champapet Branch, according to the law.