[Resolved]  Margadarsi Chit Funds — cancellation

Address:

Bangalore, Karnataka

Hi All, Please be aware that margadarshi chit funds are cheating people. I enrolled for a chit in Aug 2011 and I paid almost Rs 26000 amount in 3 months until Oct 2011. In Nov 2011 when no one turned to collect the amount I called the person who was visiting my house to collect the amount he said he has left margadarshi and asked me to contact the marthahalli branch. When I called the branch I was told that I need not pay the amount until Dec because the chit has got delayed by 2 months where as they collected all the money for almost 3 months from me starting Aug 2011 without communicating about the delay. When I told them to cancel the chit itself they said that 5% of 5 lakhs chit amount will be deducted that is almost Rs 25000 will be deducted and I will get only Rs 1500 back from my hard earned Rs 26000 that I had paid.