Pujita Chit Fund MD committed suicide

Huge losses found to be the reason for his extreme step

The Managing Director of Pujita Chit Funds, a two decade old chit fund company, K Satyanarayana who attempted suicide died while undergoing treatment on Monday at a private hospital in Hyderabad. Sources reveal that he is a native of Guntur district and started a chit fund firm there two decades ago.

In the recent times, the company ran into trouble after he started one crore chit and some of the bidders failed to repay the installments. He promised to clear the dues by selling his lands at Zaheerabad in Medak district and the members who were hoping to get back their amounts were shocked to hear the news of his death. Three subscribers filed a complaint at Suryaraopet police station on November 1 against the company under cheating and AP Depositors Protection Act. According to reliable information, majority of the subscribers are from middle class.

Meanwhile, the Vijayawada Bar Association Human Rights Committee chairman B Sambasiva Rao said the interests of the chit subscribers can be protected if the authorities conducted a thorough inquiry into the recent transactions of Satyanarayana. He charged that the big parties realized their money by taking possession of the properties of the Chit Fund owner under forceful transactions.

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