[Resolved]  Shriram Chit Funds — Harrasing and giving fake status

Hi

I had subscribed for and 5Lac chit of 50 months in the month of march and started to pay the subscription from April 2009 vide cheques, at the time of subscription i was told that the chit is in its second month march was foremen's bid and april is public bid, i had to pay 20 thousand a per his details including march and april sibscritpion, i said i cannot afford to pay 20 thousand in single month, he gave me an option saying that as the 10 thousand payed in april will go to april's account and the march installment can be paid in the consecutive months (i.e if i pay 10 thousand for next 3 months, they will take the dividend and adjust for the balance) where i will not be charged any sort of intrest o penalties.

Agreed to his condition we gave him the first cheque on march 31st dated April 18th 2009, for the april installment, and also payed 10 thousand in May 2009 & June 2009.

As we had not received any sort of pass book or dividend details etc, we went to the branch to enquire about the same, as per the discussion our balance should have been only 3-4 thousand, but we got a shocking news saying we have yet to pay 24 thousand.

when enquired why, the person in the branch told that the chit is in its 6th months, and we started only on the 4th month and we were charged intrest on the non payed amount.

if not payed within 40 days we would go into defaulter, when asked the person who took our subscription he said he is the manager of the branch, he will revert, but the condition is that we have to clear all the back log in 2 installments.

we said our financial condition does not permits to do so, as discussed i can pay only 10k every month till the backlog is cleared, he said we will go to defaulter list, when we asked to cancel the subscription and also we gave an written request on the branch, he is saying that he will not cancel the chit.

we are lost and we dont know what to be done

KINDLY HELP US.