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The Hindu

National

The Hindu Bureau

After paying ₹7 crore in 45 chits, subscriber receives ₹8,000 from Margadarsi Chit Fund, alleges A.P. CID

CID Annapurna Devi

The Crime Investigation Department (CID) of Andhra Pradesh alleged on September 7 that the Margadarsi Chit Fund Private Limited (MCFPL) had pushed a woman into a debt trap by forcing her to subscribe to 90 chits in Vijayawada.

Addressing the media at the Secretariat, at Velagapudi in Guntur district, CID Additional Director General N. Sanjay said that the MCFPL had returned a mere ₹8,000 to Bondu Annapurna Devi after she paid nearly ₹7 crore through 45 high-value chits.

“The company has been demanding that she pay ₹1.7 crore that is due to close the chits,” Mr. Sanjay said, and added that Ms. Devi approached the CID and lodged a complaint to this effect.

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