• Chitfund case remedial measures to get out of that

I have run priavte chitfunds. But sustained heavy loss by paying highest intetest to the borrowers to pay bidder in time, finally i am unable to run the chits (because i am unable to pay chit bidders for the reason i have adjusted to the financers from i took the moeny o interest)..one i have no option and i left the house with family and small kids with only 2-3 pairs of clothing,. The chit holders filed a case on me and my wife who is innocent . I and my wife got arrested on now on bail. Please suggest the measures to get rid of the case as i lost everything and now doing a small for my family livlihood
Asked 7 years ago in Criminal Law
Religion: Hindu

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8 Answers

case of cheating must have been lodged against you

2) let police complete inevstigations and file their report

3) most probably your wife name would be dropped if she was not involved in your chit fund business

4) you can either contest case or arrive at settlment with your creditors

Ajay Sethi
Advocate, Mumbai
94730 Answers
7536 Consultations

5.0 on 5.0

1. You have to no option to get rid of the ase now.

2. it was your crime to dupe to dupe the investors and seeing the wave of hatred agaisnt the ponzi scamsters any sooner relief is misnomer.

3.You Are lucky that you have got bail easily.

4.No enjoy the bail and prepare yourself to face the trial.

Devajyoti Barman
Advocate, Kolkata
22825 Answers
488 Consultations

5.0 on 5.0

You have to face the trail in cheating cases. If the subscribers file the case for refund of money you also will face to give the same to them. If possible settle the matter out of courts for filing new cases against you. If the police found the involvements in

In criminal case most probably the Maximum Punishment in a case of 420 is 7 years with fine or without fine.But in civil cases your movables and immovable property may attach and sell it out through court.

Ajay N S
Advocate, Ernakulam
4073 Answers
111 Consultations

5.0 on 5.0

Criminal cases take around 10 years to be disposed of .

2) you can appeal against your conviction before HC seek bail pending hearing and final disposal of appeal

Ajay Sethi
Advocate, Mumbai
94730 Answers
7536 Consultations

5.0 on 5.0

Hello,

1) Unfortunately you can not get rid of the case and you have to stand trial in the court.As you are out on bail it is going to take quite a while before the case gets disposed off as the investigating officer has to file the report in the court and the Charge Sheet. This can take a couple of years.

2) In case you are convicted you can certainly appeal in the higher court. However this will subject to certain conditions like having to deposit c certain percentage of the amount you owe to the debtors and an amount to secure your bail during pendency of appeal.

3) In any case if you think you can find money to settle the matter, this casn be done even at the appeal stage of the case . Therefore you will be looking at 5 years or so for the case and the appeal for the case to conclude. You have option for further appeal, however that is again subject to all such attending expenses involved.

Thresiamma G. Mathew
Advocate, Mumbai
1642 Answers
212 Consultations

5.0 on 5.0

The chit holders filed a case on me and my wife who is innocent . I and my wife got arrested on now on bail. Please suggest the measures to get rid of the case as i lost everything and now doing a small for my family livlihood

First get enlarged on bail and then plan to challenge the case in the trial court.

Losing everything cannot be claimed as an excuse for being booked by a criminal case for the offences of cheating.

You may express before the court your inability to pay the creditors or challenge the case on merits.

T Kalaiselvan
Advocate, Vellore
84930 Answers
2196 Consultations

5.0 on 5.0

How much time it will complete the case. I was sentenced shall i move to higher cout. Shall i get bail immediately for moving higer court, how much time i may prolong the case. I believe if i get some 3-4 time i can earn some momey and try to settle the case outside.

You engage a skilled lawyer and instruct him to drag on the case to the maximum possible so that you will be able to earn money to repay the creditors to maximum extent.

T Kalaiselvan
Advocate, Vellore
84930 Answers
2196 Consultations

5.0 on 5.0

How much time it will complete the case?

The time to complete the case depends upon the pending case in that court .You have every opportunity to file appeal .

Ajay N S
Advocate, Ernakulam
4073 Answers
111 Consultations

5.0 on 5.0

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