B Venkata Subba Rao who is a native of Pedarayudu village in Krishna district has committed suicide due to the harassment by Margadarsi Chit Funds.
Subba Rao who runs a fabrication workshop in Hyderabad lives in Prashant Nagar, Kukatpally. Two years ago, Mr Rao and three others have given security for his friend Prasad who took Rs 10 lakhs chit from Margadarsi. After paying the installments for six months, Prasad has gone absconding.
Margadarsi management have begun search for Prasad and after losing hope of finding him, they focussed on the people who have given security to Prasad. They succeeded in tracing Subba Rao but three other weren't found. Since then, the officials began pressurizing Subba Rao for the payment. He even took some loan amount to pay the chit fund company, but even after that the officials harassed him for the balance by saying they would seize his house through court. Subba Rao committed suicide to escape this harassment.
Subba Rao who runs a fabrication workshop in Hyderabad lives in Prashant Nagar, Kukatpally. Two years ago, Mr Rao and three others have given security for his friend Prasad who took Rs 10 lakhs chit from Margadarsi. After paying the installments for six months, Prasad has gone absconding.
Margadarsi management have begun search for Prasad and after losing hope of finding him, they focussed on the people who have given security to Prasad. They succeeded in tracing Subba Rao but three other weren't found. Since then, the officials began pressurizing Subba Rao for the payment. He even took some loan amount to pay the chit fund company, but even after that the officials harassed him for the balance by saying they would seize his house through court. Subba Rao committed suicide to escape this harassment.