Attingal: PSN chit funds and its sister concern Ambika chit funds were among the prime financial institutions in Attingal. But the collapse of PSN chit funds over the last two years has left many people with broken hearts. People who decided to enroll into PSN chit fund, as a means of investing their hard earned money, are now ruing their decision. Some people even have remitted lakhs of rupees. But now they don’t have a clue when, or if, they are going to get the money.
The proprietor of PSN chit funds, N. Manikantan, attributes the collapse to mounting default dues. He says that some people who got chitty prize money did not bother to repay the money. That is why he is unable to pay the chitty prize money to other people now. He says he does not want to resort to “goondaism” for collecting the default amount.
But people who have invested the money are in no mood to listen to his cries. Some of them have filed cases to attach his property. But they found that he has no property. All the properties he is supposed to have been shifted to his mother’s or wife’s name. Moreover, PSN chit fund is not registered in Kerala, but its registered office is in Jammu and Kashmir. Anyway, some people did manage to attach the property through clever legal maneuvers.
Manikantan says that he will repay the money to all the people by selling his property near SR theatre. He is asking a seemingly outrageous price for that property: Rs. 7 lakhs for a cent. He says it is a prime location and this price is reasonable. He has a reason for all things except when it comes to giving chitty price money to hapless people.
The proprietor of PSN chit funds, N. Manikantan, attributes the collapse to mounting default dues. He says that some people who got chitty prize money did not bother to repay the money. That is why he is unable to pay the chitty prize money to other people now. He says he does not want to resort to “goondaism” for collecting the default amount.
But people who have invested the money are in no mood to listen to his cries. Some of them have filed cases to attach his property. But they found that he has no property. All the properties he is supposed to have been shifted to his mother’s or wife’s name. Moreover, PSN chit fund is not registered in Kerala, but its registered office is in Jammu and Kashmir. Anyway, some people did manage to attach the property through clever legal maneuvers.
Manikantan says that he will repay the money to all the people by selling his property near SR theatre. He is asking a seemingly outrageous price for that property: Rs. 7 lakhs for a cent. He says it is a prime location and this price is reasonable. He has a reason for all things except when it comes to giving chitty price money to hapless people.
Comments