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BENGALURU: Vishnuprasad paid Rs 12,500 every month for 40 months to complete a Rs 5 lakh chit fund scheme run by Samith Chits Pvt Ltd. But after he won the bid in May 2025, the company paid him only Rs 20,000, leaving Rs 4,07,940 unpaid.
The consumer commission has now directed the company to pay the outstanding amount with 6.5% annual interest from the date the consumer complaint was filed until realisation. It has also ordered Samith Chits to pay Rs 3,000 towards proceedings costs, holding that the failure to pay the prize money amounted to deficiency in service and an unfair trade practice. Vishnuprasad’s chit scheme ended in June 2025, according to the complaint. After he successfully bid for the chit in May, the company issued two cheques towards the amount due — one for Rs 1 lakh, dated July 5, 2025, and another for Rs 3,27,940, dated July 15, 2025. Vishnuprasad presented the first cheque on July 17 through his bank account in Ramamurthy Nagar. Samith Chits did not appear despite being served notice and was placed ex parte on July 24, 2026.
It was returned unpaid with the endorsement “Funds Insufficient”. The commission examined Vishnuprasad’s affidavit and supporting documents, including the company’s brochure, its statement, copies of the cheques and records confirming their dishonour. With the complaint and supporting evidence undisputed in the consumer proceedings, the commission held the company liable for failing to pay the outstanding chit amount. You Can Also Check: Gold Rate in Bengaluru | Silver Rate in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Bengaluru AQI | Weather in Bengaluru | Petrol Price in Bengaluru | Diesel Price in Bengaluru | CNG Price in Bengaluru | LPG Price in Bengaluru