Kapil Chit Funds — Kapil Chits - Delay in returning sum assured from auction of chit

I had subscribed to a chit from M/s Kapil Chits, Narasannapeta, Srikakulam District, AP (Reg No FPKT-05J-19) for a sum assured of Rs 5, 00, 000 (Rupees Five Lakh) in April 2017 with a commitment to pay a monthly EMI of Rs 10, 000. After diligently paying my monthly EMI's for 43 months (amounting to Rs 4, 30, 000), I decided to participate in the auction to receive my sum assured in Dec 2020.
Despite my submission of all relevant documents guaranteeing payment of remaining amount after receiving the sum assured, the firm M/s Kapil Chits has not released the payment till date (June 2021). This has caused considerable financial and mental turbulence in my family during this COVID scenario. Sita Ram & Rama Rao, the managers of the branch office has repeatedly giving lame excuses and buying more time. Our efforts to reach out to Mr G Narayana Rao, Regional Office Manager, Srikakulam also proved futile despite repeated requests. I strongly believe the firm is a fraud and harassing common citizens by luring them with high interest and thereafter defaulting on payment.
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