The Economic Times

Bengaluru man joins chit fund, pays Rs 12,500 for 40 months, wins Rs 5 lakh but receives only Rs 20,000; consumer court orders company to pay Rs 4.08 lakh

A Bengaluru man who paid Rs 12,500 every month for 40 months into a Rs 5 lakh chit fund scheme received only Rs 20,000 after winning his bid, with two cheques issued towards his prize money bouncing for insufficient funds. Consumer commission orders Samith Chits to pay Rs 4.08 lakh with interest and proceedings costs.