Please Help Me Out, I Have a Legal Issue.

Dear members,

I am sorry to put all of you in trouble. I have landed in a legal / financial problem.

I do not know whether, I should post such things in this forum or not, but feeling helpless, I am posting the same.

Actually, one employee of our organization took a chit fund loan (Kapil Chit Fund) for which I and 2 of my other colleagues (total 3 members stood surety / guarantor). The person repaid the amount regularly for some time but since Aug, 2020 he defaulted in payment and till date he has not paid a single paisa. Now I and other sureties are getting threatening calls from the rowdy chit fund recovery agents that they will cut our salary for the recovery purpose.

But the irony is that, the person who took loan has a property in Hyderabad in his own name the approx. value of which is about Rs 70 Lakhs (I have the proof) and receives regular Salary from our organization. He is willfully defaulting this payment. He is not absconding or bankrupt, attending office regularly, but not willing to pay the amount. 

Now the chit fund persons are taking us as soft target for recovery. The outstanding amount is approx. 6 lakhs and they are threatening us to pay 2 lakhs each (to the sureties and surprisingly not taking any action against the person who has taken loan).

Please suggest us any legal remedy as day by day, the situation is worsening and we three along with our family members are suffering mental agony.

Plz save our souls with some proper legal advice.

Jai Shri Hari…