DANDU KRISHNA MURTHY RAJU S/O D VENKATA RAJU Vs. FOREMAN & 2 ORS; VELDANDA SRINIVASA REDDY; REGISTRAR OF CHIT FUNDS, (AMEERPET BRANCH KAPIL CHIT FUNDS)

JUDGEMENT

(1.) The petitioner/complainant is a subscriber to as many as 54 chits floated by Kapil Chit Funds Pvt. Ltd. One of the chits joined by him was APL 01M, as a transferee, on account of a vacancy having become available in the said chit, which was already running since 007.2008. A sum of Rs.5, 775/- is alleged to have been charged from him towards vacancy charges alongwith a penalty of Rs.4, 000/-. One Smt. T. Bharati was the successful bidder in the auction held on 18.09.2009 in respect of the aforesaid chit. Since she failed to provide sureties, a re-auction notice was given proposing to hold re-auction on 19.12009. However, since Smt. T. Bharati thereafter, came forward with sureties and expressed willingness to receive the prize amount as per her bid, foregoing a sum of Rs.2, 92, 000/- out of which value, the re-auction was not held. Thereafter, there was another auction in the said chit on 18.04.2011 and the petitioner/complainant also participated in the said auction.

(2.) The complainant had also joined chit no. APT 068 as a transferee when a vacancy became available in the said chit and according to him, a sum of Rs.3, 984/- was collected from him towards vacancy charges. In the said chit, one Smt. V. Padmaja Rani was declared successful bidder in the auction held on 18.03.2008. However, since she failed to provide the requisite sureties, a notice proposing re-auction on 19.06.2008 was issued. Smt. V. Padmaja Rani also came forward with the required sureties and confirmed her previous bid. The re-auction was therefore, not held. The next auction in the said bid was held on 18.09.2008 and the complainant not only participated in the said auction, he also received the prize amount.

(3.) This is also the allegation of the complainant that the respondents had collected a deposit of Rs.5, 00, 000/- under BDLG Chit Group and given 25 cheques in advance but later on misappropriated the funds.