The Hindu : Tamil Nadu / Chennai News : Port employees complain against chit fund

Online edition of India's National Newspaper
Saturday, Feb 11, 2006

Tamil Nadu

Tamil Nadu - Chennai

Port employees complain against chit fund

Staff Reporter

CHENNAI : A section of employees from the Port Trust on Friday submitted a petition to the Greater Chennai Police Commissioner, R. Nataraj, stating that one of their colleagues, who was running a chit-fund company, allegedly cheated them.

D. Rajaram, working as Shed Master in the Traffic department of the Port Trust, said he invested the money with R.Narayanasamy (40), who was running the chit fund. Narayanasamy was working as Senior Assistant in the same department.

Mr. Rajaram said the latter was running the company for over a decade-and-half and till recently there were no complaints against him.

In November and December last year, a large number of chit deposits matured and the depositors were waiting for the accrued amount.

According to the complainants, as a majority of them needed a sizeable amount for their ward's education or for marriage, they had paid all the instalments.

But, payment for the matured chit groups was abruptly suspended. Narayanasamy had absconded and attempts to trace him proved futile, the complaint said.

Like Mr. Rajaram more than 300 employees of the Port Trust and a few retired staff and their relatives had deposited money.

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