Depositors demand arrest of chit fund owners

It is said that the company had swindled over Rs 400 crore from more than a thousand depositors in and around Kumbakonam. It is said that, on Wednesday, the EOW sleuths led by the DSP Arul went to the Chit fund after the court direction to inspect the Chit Fund office. Information spread like wild fire among the depositors.

Within a short time, more than 500 depositors gathered in front of the office and prevented the police from entering the chit fund office to verify the documents. The depositors wanted the sleuths to arrest the owners first and then verify the documents.

It also led to an altercation between the depositors and the police. The depositors blocked vehicular movement at Aduthurai- Thiruneelakudi road. On information, Thiruvidaimaruthur police rushed

to the spot and held talks with the depositors. Subsequently, the EOW officials left the place and the depositors dispersed.

Chithra Chit Fund private limited has been functioning at Aduthurai for over 50 years and people from Thiruvidaimaruthur, Aduthurai and adjacent areas had deposited their money. Many have  been paying EMIs for monthly chits. There were some who had deposited Rs 50, 000 to 50 lakh.

However, on April 1, the depositors were shocked to see the firm locked and the owners R Ramakrishnan and his wife Vijaya Nirmala absconding.

Subsequently, they lodged a complaint with the Neelakudi police station. But, they were asked to approach the Thanjavur DSP and later it was transferred to the Tiruchy EOW office.