Total Fraud at Kapil Chit Fund
Tears for Payout Despite Regular Installments
Agony Over Non-Receipt of ₹7 Lakhs Even 16 Months After Winning Bid
Victims Arvapalli Ramamohana Rao and Revanth Allege Delays Under the Pretext of Heavy Penalties and Objections
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Eetarambharatam Khammam, September 28:
Madhusri Nalubola Regional Network In-charge :
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Saving hard-earned money in Kapil Chit Fund with the trust that “it will come to our aid in times of need and stand as a support during tough times” ultimately left the family with nothing but heartbreak. Arvapalli Ramamohana Rao and Revanth from Yellandu broke down in tears, stating that despite running around for months to get their money meant to help them during distress, it yielded no results; instead, they are being subjected to severe mental agony with various unnecessary objections and delays.
Expressing his grief at a press conference organized at the Khammam Press Club on Monday, victim Ramamohana Rao shared his ordeal. He stated that they had enrolled in two chits worth ₹15 lakhs at the Kapil Chit Fund Yellandu branch and paid all installments regularly. However, he lamented that money paid to the Branch Manager on one occasion was not credited to the company account on time, and instead, a heavy penalty was unfairly imposed on him. He alleged that when he strongly questioned this injustice, his account was transferred from the Yellandu branch to the Khammam branch without prior notice, and two individuals were added as sureties without his knowledge.
He further expressed distress that management went as far as unauthorizedly transferring funds from another chit (which he had not won) to the bid chit, and they are causing him severe mental distress by playing games under the guise of notices on blank papers. He wept while explaining that even after 16 months of winning the chit bid, they continue to make him run around the office without paying the due amount of ₹7 lakhs (including interest).
Ramamohana Rao stated that he has already submitted written complaints regarding the conduct of Kapil Chit Fund management to the Chit Registrar, District Registrar, IG, and DIG. He appealed to higher officials to intervene, conduct a thorough investigation, deliver justice, and help recover his due amount along with interest. He warned that if justice is not served immediately, they will unite with other victims affected by Kapil Chit Fund and their family members to stage a massive protest (Maha Dharna) in front of the Khammam Chit Fund office.
