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Chit Fund

A Chit Fund is a type of financial arrangement or savings scheme, primarily prevalent in India, where a group of people contribute a fixed amount of money at regular intervals.

Restriction on Opening of Unlawful Co-operative (Chit Fund)

Finance
Employees are allured to invest/ lend their savings with an expectation of higher return but they may not be able to recover such amounts with the promised returns in such unlawful cooperative societies or chit funds.