Warangal: Action against erring chit fund companies sought

Warangal: Demanding stringent action against the chit fund managements that have been harassing their customers, the Communist Party of India (Marxist) cadres led by Hanumakonda district secretary M Chukkaiah staged a protest near the Registrar's Office on Thursday.

Speaking on the occasion, Chukkaiah said that the onus is on the government to address the anomalies in the financial system. "Some chit fund managements have been harassing their customers by not making payments to them even after maturity of the chit. It's a huge blow for the middle and lower middleclass people who wanted to save a portion of their income for their future needs," Chukkaiah said.

After running from pillar to post, the customers have been approaching the police. On the other hand, the chit fund companies were threatening the customers by sending goondas, he said.

Chukkaiah alleged that the chit fund companies were making money by misusing its customers' funds. When it comes to the matter of collecting chit installments, the chit fund agents come hard on customers, he said.

Chukkaiah demanded the government to cancel the license of the chit fund companies that harass its customers. He threatened to intensify the agitation if the authorities fail to take action against erring chit fund companies.

Later, he submitted a memorandum to the Sub-Registrar. Senior leaders Godugu Venkat, Vankudoth Veeranna, Gummadi Rajula Ramulu, Manda Sampath, Botla Chakrapani, Velpula Sarangapani, Damera Sudarshan, Kumar and Rajender were among others present.