Chit amount not received
1 year ago
Sir, my father invested in pvt Ltd chit found for 1 lack. In paying of half amount he expired. I am the nominee for that chit. As per advised by chit found company transfered the chit to my name and paid the all instalments till the prize amount allotted to me. And I signed the all documents for collect the prize amount and sent to chit company head office. Now they are saying that in past ten years back I had given for surety for 300000 chit that person not paid all instalments so the prize amount they are not paying me. After death of my father I paid the installment, that's also my father savings only.
That person who not paid the chit , he is taken chit prize is 130000 and he paid 145000 and later he not paid. Actual Chit amount is 300000 so company charged interest and penalty for 10 years and asking me to pay. Till now I don't have any information about this..
Please advise me sir
As surety you are liable to pay the amount borrowed through chit fund. You should lodge FIR against that person for doing fraud with you and absconding by taking loan and making you surety by fraud. In case that person who failed to make payment to chit fund is defaulter, the chit fund company first should try and recover money from him and next in case he becomes defaulter that’s when you will be held liable.
Nevertheless chit fund company should recover through legal measures. Unless legal measures are taken you need not pay.
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