Beware of scam: chit funds in Coimbatore – 31July 2021
Economic offence wing Police registered a complaint against chit funds in Coimbatore for cheating 50 lakhs as reported by TOI
Fraudulent Chit funds in Coimbatore
The chit fund named ‘thottathil’ on 100 feet road at Gandhipuram was launched by M.Rajesh from Palakkad. After garnering 50Lakhs, he closed the business and went absconded.
The Citizens are informed to be aware of this kind of untrustworthy investments during this pandemic to avoid getting into a financial crisis. Yourcoimbatore.com informs its readers about the things to check before investing in a Chit fund firm.
1.Make sure the chit fund is registered under Register of Companies
2.Check the genuineness of the certificate.
3.Check if the chit is approved for the business.
4.Know about your promoters, whether they are financially sound.
5.History of Complaints against the Fund in Registrar department.
However, Chit funds are not trustworthy unless it’s a personal group formed by friends and relatives whom you trust a lot.
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