Alchemist chit fund latest news 2017

Alchemist Chit Fund was a popular chit fund scheme in India that was launched in 2010. However, in 2017, the scheme was shut down by the Reserve Bank of India (RBI) due to regulatory issues and concerns over its financial stability.

Here are some of the latest news updates on Alchemist Chit Fund from 2017:

  1. RBI shuts down Alchemist Chit Fund: On August 25, 2017, the RBI issued a circular stating that Alchemist Chit Fund had failed to comply with the regulatory requirements and had been shut down. The RBI also directed the company to return the deposits of its investors.
  2. Investors protest outside RBI office: On August 28, 2017, a group of investors protested outside the RBI office in Mumbai, demanding that the central bank take action against Alchemist Chit Fund and ensure that their deposits were returned.
  3. Alchemist Chit Fund files petition in Supreme Court: On September 1, 2017, Alchemist Chit Fund filed a petition in the Supreme Court challenging the RBI's decision to shut down the scheme. The company claimed that it had complied with all regulatory requirements and that the RBI's decision was unfair.
  4. RBI rejects Alchemist Chit Fund's petition: On September 15, 2017, the RBI rejected Alchemist Chit Fund's petition, stating that the company had failed to provide sufficient evidence to support its claims. The RBI also reiterated that the scheme had been shut down due to regulatory issues and concerns over its financial stability.
  5. Investors file complaint with SEBI: On October 10, 2017, a group of investors filed a complaint with the Securities and Exchange Board of India (SEBI) alleging that Alchemist Chit Fund had cheated them by promising high returns and failing to deliver.
  6. Alchemist Chit Fund's assets seized: On November 15, 2017, the RBI seized the assets of Alchemist Chit Fund, including its properties and bank accounts, as part of its efforts to recover the deposits of its investors.

These are some of the latest news updates on Alchemist Chit Fund from 2017. It's worth noting that the scheme is no longer operational and investors are advised to seek guidance from regulatory authorities or legal experts to recover their deposits.