new vision chits p ltd — non payment of Chit and investment dues of over Rs.42 lakhs

Address: Mumbai City, Maharashtra

On or around date 20.5.2012, Mr. Maruti Dalvi, The Managing Director of New vision Chits P Ltd [known to me since 14 years from Shriram Chits] proposed by way of investment in additional gala in Vashi Plaza [against the one you already had and since sold silentlt -bearing no: 610-D-wing-Vashi Plaza, Plot No:80-81, Sector-17, Vashi, Navi Mumbai- registered vide stamp office no:6990 dated 23.8.11- stated consideration Rs.17.50 lacs only] and he asked me to part with a sum of Rs.19 lacs [Rs. Nineteen lacs only]. The gala was the one adjacent to the existing. You stated that the total value of both the galas would be around Rs.90 lacs and therefore, I would get 20% of the share in the investment. He promised to add my name to the legal document as and when made. He thus induced me to pledge my fixed deposit receipts worth Rs.19 lacs with Shriram Transport Company ltd [ of my brother-in-laws money at that] and made me obtain loan for like amount but payable with interest at Rs, 52000/- per month as outgo. Accordingly, I took the loan after pledging the fixed deposit and gave you cheques as under: 1. Rs. 10, 00, 000/- .. by way of cheque no: 542267 of IOB dated 2.6.12 2. Rs. 9, 00, 000/- .. by way of cheque no: 178602 of IOB dated 5.7.12 3. Aggregating to Rs.19 lakhs in all. He promised to include my name in the documents at the time of registration of the documents. However, he was always saying that the documents have not yet been prepared and registered and as and when the same is done he would call me for signing the documents. I trusted him, as stated above, and waited endlessly but to my bad luck, he had an ulterior motive to cheat and therefore did not let me know the truth at all although he maintained a camouflaged good relation with me all the time giving various excuses. He then suggested that he would pay the installments to Shriram Chits against the loans which were to the tune of Rs.52000/- every month. But he paid for about 6 to 7 months and stopped paying me regularly while my account used to get debited every month on 5th on account of post dated cheques given to Shriram Chits. I started by then asking him to make payment. However, one day you came to my place with his friend, Mr. Ananthanarayan, to seek time. During the discussion Mr. Ananthanarayan stated that Mr Maruti did not buy the 2nd property at all. This important and vital information was hidden from me. I immediately asked him as to why he did not return the money if he had not bought the premises in the first place. Then I could figure out your strategy. He had told me [as if seeking advice from me] for buying a big house at C-701, Sunpalm View, Sector -15, Palm Beach Road, Near Suraj Hospital, Sanpada, Navi Mumbai for himself and that he was in need of around Rs.20 lacs. He had balance money and he only had a shortfall of this amount. I never thought he, among all the persons would stoop to this level and use the money I gave to buy a house for himself. You had no answer to my query and avoided seeing me direct. THIS WAS THE FIRST BLOW TO ME AND I STARTED DISTRUSTING him. But I thought I would continue to press him to make payment of my monthly installment at least. But even this he regularly started failing. His cheques started bouncing. When I agitated, he started making part payments in cash. But I again got a doubt on him and asked for payment outstanding. He included all the bounced cheque as if it is paid. When I questioned this, he asked your lady clerk and when I questioned as to whether the accounts were reconciled with the bank, I was surprised to receive an answer in negative. More startling was that it was way pending over one year. She also confessed that the audited accounts were not filed as yet. I informed you that this is contravention of the law but he seemed to relish and I understood he had no interest in complying with the law, be it Income tax or Service Tax or any other tax. Then came the most devastating and bad news and again through a third person that he had sold the one gala the company owned. He got a sum of Rs. 42 lacs in white and Rs.20 lacs in cash [unaccounted] for the sale of the one gala you had in the name of the Company- New Vision Chits P ltd. I am aware of the person who has bought the premises too. Despite getting this flush money, he did not care to pay away my dues. THIS SHOWS HIS ULTERIROR CRIMINAL MOTIVE TO CHEAT AND THRIVE ON OTHERS MONEY AND ENJOY A LAVISH STYLE OF LIVING. You roam around in imported cars in the guise of status before the clients, a false prestige. I UNDERSTAND THAT YOU HAVE PURCHASED ANOTHER HOUSE AT NAVI MUMBAI WORTH OVER RS.1.25 CRORES. I asked you to give me guarantee of the monies due to me to paid by you. You promised to give me 2nd charge on the fixed deposit duly certified by your bankers as guarantee and I am still to receive the same from you. He took me to City Union Bank, Thane Branch along with his other director, Mrs. Ananthanarayan and signed a letter before the bank that all future FDs maturing will go to me first. This was submitted to the bank on 13.6.14. Since then he has met me once or twice but generally avoided both the phone calls and the dates of apopointment on one or the other pretext. THEREFORE THIS IS TO CALL UPON HIM TO MAKE THE ENTIRE PAYMENT OF OUTSTANDING FORTHWITH WITHIN A WEEK FROM THE DATE OF THIS OR ELSE I SHALL TAKE RECOURSE TO PROCEED AGAINST IN THE COURT OF LAW, POLICE [CHEATING & CRIMINAL BREACH OF TRUST], INCOME TAX for falsification accounts, REGISTRAR OF CHITS, RESERVE BANK OF INDIA [IN RESPECT OF CHITS] AND OTHER AVENUES OPEN TO ME including but not restricted to advertising in the local news papers. INVESTMENT NO: 2 In the course of our meeting, He wanted to start another business in infra structure somewhere around August 2011. He wanted me to join him and sought money upfront to be paid to the fourth partner called Mr. Ramesh Dalvi, his relation at your village [the share percentages written in your hand writing is with me]. I paid a sum of Rs.7 lacs by way of cheques at your behest. He showed me the photo-stat copies of the land we were to buy [copy of which is available with me]. But the payments were only made by me and at his behest; He and Mr Ananthanaraynan did not contribute and stated he would be contributing by way of 2nd installments. But however, I find that the project is abandoned and he did not inform me. When questioned, he informed me that he will pay me the money back. I have his confirmation of this with me duly signed by him. INVESTMENT IN CHITS: NO:3 He also enticed me to invest in chits. As already stated he had made me invest in unprofitable insurance funds stating that he will give guarantee of 35% return but left the company making huge money for himself in the scheme. He therefore asked me to withdraw the same and invest in his chits upfront and took all the money in advance and stated that he will pay me interest at 8% p.a. on the reduced balance after adjusting the monthly dues from me. He also stated that the dividend would be at around 12%. Thus I had invested a sum of Rs. 17 lacs by way of 3 chits of Rs. 5 lacs each and 2 chits of Rs.1 lac each. Recently coming to know of his ulterior motive and almost having paid and lasted the entire chit duration, I bid for one chit of Rs.5 lacs. I was told that I was the bidder and my signatures were obtained on the papers to pay me my bid amount. But despite 4 months have elapsed, he has not paid the same. Thereafter the other chits was bid in my favour as last bidder. Therefore I sought the entire money of all the chits bid and due to me but he has not paid any sum as on date although it is almost 6 months since the first bid. In view of these and big financial commitment he owes and his dodging attitude nowadays in attending to my calls and stalling by sending messages every time, I have now a fear that he will escape the liability and abscond. Therefore this is to all demand that my entire dues to be paid to me within one week from date hereof. If he does not come forthwith with the moneys due to me I will sue him for criminal act of breach of trust and cheating under section 420 of the Act. He also shall be liable to be prosecuted under chit industry related acts governed by Chit Fund Act 40/1982 and regulated by state governments with their own set of rules. I will complain to Reserve Bank of India who is the principal regulator and I shall also simultaneously complain to the state level authorities being Registrar of Chits/The Inspector General of Registration who oversees these regulations for recovery of monies due to me, as stated above at his risk, cost and consequences which please note. I shall also take recourse to other avenues open to me like advertising in the local news papers about your misdeeds. I shall call for the register and write to all the investors stating your mismanagement of the chit funds and diversion of funds for your personal gains. The authorities should seize both his flats, sell them and meet every investors total dues and return whatever is balance, if there would be any forthwith. Thanks