More than 70 autorickshaw drivers, who put their hard-earned money in chit funds, suddenly found that the man who collected the money has gone missing. Together they invested over Rs. 1 crore, it is estimated.
Anand Rao had invested Rs. 90,000 in three different chit fund schemes of Narendra Kamat from Dongarakery. He was giving Kamat Rs. 210 every day in the chit funds for Rs. 1.05 lakh, Rs. 70,000, and Rs. 50,000 schemes. Mr. Rao was baffled to hear that Kamat is not traceable.
Similar is the case of Dinesh, who has invested around Rs. 2 lakh in the last three years. “I was contributing every day, regardless of the income earned during the day. He used to collect money from us in the evening at our autorickshaw stand,” Mr. Dinesh said showing a slip he has maintained. “This was all the saving I was doing to meet my two children's education expense and also to buy some ornaments,” he said.
Autorickshaw drivers from the Hampankatta Circle, Suraj Autorickshaw Park, Vishwa Bhavan Park, and Navbharat Circle invested with Kamat. “Chit fund has been our only source of savings for several years. We had confidence in Kamat. What can we do when such a man runs away?,” rued Mr. Suresh, who has invested Rs. 52,000.
The autorickshaw drivers have invested amounts ranging between Rs. 12,000 and Rs. 1.2 lakh. “We have roughly made up a list of 70 investors, who are mostly autorickshaw drivers. There are investments by roadside traders such as tender coconut sellers and sugarcane juice makers too,” said autorickshaw driver Mr. Shekar, who has invested Rs. 40,000. The overall investments runs to more than Rs. 1 crore, he said.
Among those who have invested include those who have been transacting with Kamat for nearly a decade. “He was an autorickshaw driver and was handling the chit fund business well. In the last five years I have got back my investment,” Mr. Rao said. In fact, one of the chit fund scheme helped him meet the education expense of his son, who was studying in a polytechnic college.
Kamat visited different autorickshaw stands and collected the money every day between 4 p.m. and 6 p.m. All the investments were entered by Kamat were in his book and there were no acknowledgement for the payment.
A majority of the investors had been those who have been waiting to earn profit by completing the whole cycle of investments. Mr. Rao would have got Rs. 69,000 for the investment of Rs. 59,000.
When they approached the Mangalore East (Kadri) police to lodge a complain, the police allegedly sent them away saying investing in chit funds was a crime. Commissioner of Police Seemant Kumar Singh said he had directed the Mangalore East police to investigate into the complaint. Deputy Commissioner of Police N. Dharmaiah would be overseeing the investigation.
Neighbours in Dongarkery said Kamat was a genial and well-behaved person and they were shocked over the allegations.
