[Resolved] Shriram Chit Funds — Fraud in chits | |
I have two chits currently running with Shriram Chits at Tiptur. The manager himself with the staff staff creates dummy bidders and bids for the chits and takes the money. The agents at shriram chits are also bidders where as they are not suppose to bid. When asked for bidder details they try to manhandle me. They spoke very arrogantly. The person who does all this is Ravi. He has full support from his manager. The manager is never found at office at all. They arrogantly told me to take back my money from the chit and they will cancel my name. When i said ok they denied and said that i will have to pay Rs.15000 for cancellation. These people here are cheating us. Please do the needfull. regards Manish [protected] Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 181 Comments | |
Comments
awww
you are late.
The agents and branch managers and general managers are all brokers.
Sorry for you my friend.
you are late.
The agents and branch managers and general managers are all brokers.
Sorry for you my friend.
Hi
Is there anyone whowill answer these complaints? Why cant SHRIRAM put somneone on these and answer all the problems?
They cant do it because they are a LIck and KICK company.
They Lick when they need money andthey Kick when you received your money.
come on guys. Try it yourself.
Good luck.
Is there anyone whowill answer these complaints? Why cant SHRIRAM put somneone on these and answer all the problems?
They cant do it because they are a LIck and KICK company.
They Lick when they need money andthey Kick when you received your money.
come on guys. Try it yourself.
Good luck.
I am B.Harikrishna joined one lakh chit in shriram, mugappair branch, chennai.my group no.is 4380/5209/21 on january 2015 and i taken auction chit on 25.04.2015 and i given all supported documents.but i frequently visited the branch manager directly and also through mobile but still today 23.07.2015 i not yet received my payment. The working staff at that branch is not giving proper feedback regarding when i will receive my cheque.The staff is telling that old manager is .transferred and new manager has to come and also they are telling due to clerical error the auction entry by mistake wrongly entered because of system problem. Unfortuanetely we are all very well know that the data's are entered by human being only not done by automatically. kindly please arrange to do needful.
Hi. My name is shajahan. From macherla. macherla guntur dist. I brought a bike bajaj through shriram chits on 2009. After that. I can't pay the emi. After that on 2011.. They were asking repay emi or vehicle to close the loan account. I return my vehicle and taken noc paper. I lost my NoC. Now. They were asking me repay the emiemi. I didnt understand wy they were asking.
We have 3 chits in SriKalahasti Branch, Andhra Pradesh . For one CHit they heave told us to go for aution as they they couldnt find anyone, we did but still we didnt receive the money yet and we were waiting for more than 2 months . Staff are very irresponsible. I would suggest if they cannot manage their employees then they should close the branch.
Sir,
One Person cheated my Money, He is working in Shriram Chits Finance.
His Name is austin Shiloker & is Mobile No is [protected]( This Person now days switched off).
He is Asking For loan commission For all Clients direct party & u all also Commission giving
This Person is chennai, Pozhichallur or pammal area
He is not Speak Truth always, why this Like person and all working in ur company (Fraud Person)
His Pictures is in facebook iam send this url
https://www.facebook.com/austin.shiloker
iam attached is photo
![]()
One Person cheated my Money, He is working in Shriram Chits Finance.
His Name is austin Shiloker & is Mobile No is [protected]( This Person now days switched off).
He is Asking For loan commission For all Clients direct party & u all also Commission giving
This Person is chennai, Pozhichallur or pammal area
He is not Speak Truth always, why this Like person and all working in ur company (Fraud Person)
His Pictures is in facebook iam send this url
https://www.facebook.com/austin.shiloker
iam attached is photo
Thota Chandrasekhara Reddy, B.Com., FIII.,
Retired Assistant Divisional Manager (Legal), LIC OF INDIA,
Flat No.209, “Sri Krishna Ambhas” Apartments,
Near Janapriya Utopia, Hyderguda, Attapur,
RANGAREDDY DISTRICT,
HYDERABAD – 500048.Telangana State.
Mobile No.[protected].
E mail: [protected]@yahoo.co.uk
************************************************************************
Cheating by the Chit Fund Companies…
NEED FOR A SUO MOTU PROBE.
• The prize amounts should be paid immediately after furnishing security.
• The relevant Act did not grant any time for payment, thereafter.
• The Consumer Court too has affirmed this.
• The Chit Fund companies are still unlawfully detaining the prize amounts.
• Urgent need for a SUO MOTU probe.
The Hon’ble Supreme Court has some time back rightly asserted its sky-high powers to chase injustice. The relevant observation reads as under:
“Where there is manifest injustice, a duty is enjoined upon this Court to exercise its suo motu power ….as it is well-settled that illegality should not be allowed to be perpetuated and failure by this Court to interfere with the same would amount to allow illegality to be perpetuated.”
{CRIMINAL APPEAL NO.1428 OF 2011 Arising out of S.L.P.(Crl.) No. 6349 of 2010)}
Fondly hoping that the Supreme Court would initiate action by exercising its suo motu power against the cheating being perpetuated by the chit fund companies in general, and safeguard the interests of the gullible chit subscribers who are blissfully ignorant that they are being cheated, I am attempting this write up.
Coming to the point, the chit fund companies are expected to pay the prize amounts without any delay, when once the required security is provided by the successful bidders. But most of the companies, at least in the states of AP and Telangana, as far as I know, are unlawfully retaining the prize amounts with them for a month or so, as a matter of right, even after the sufficient security is provided.
When this malpractice of this intentional delay by M/s Shriram Chits Private Ltd., was challenged by me, it was clearly held by the District Consumer Forum, Kadapa, way back in the year 2010 {in its Order dated[protected] in my CC No.72/2010}, that as per provisions of the A.P. Chit Funds Act, the opposite parties should pay the prize monies immediately after furnishing security without any delay and concluded that there was deficiency of service and unfair trade practice in the practice of the company thus clearly establishing that withholding of prize amounts after submission of security is illegal.
Page 1 of 2. Contd…2.
- 2 -
It is submitted that though the District Forum has categorically concluded that no time is allowed in the Act for payment of prize money after submission of the security, and ordered payment of interest for the belated payment of the prize money and also awarded costs to me, in my individual case, it could not give any specific general direction, because of the obvious limitations of jurisdiction as it is concerned with only the aspect of the deficiency in service.
Taking advantage of the inability of the consumer forum to give a general direction, the particular chit fund company, though it has paid the amount due to me as per the order, is continuing with its malpractice of making the payment of prize amounts, only after one month even after providing the security by the successful bidders, forgetting its legal and moral responsibility. When I sought certain information under the provisions of the RTI Act to find out whether they are still perpetuating their malpractice, they refused to give me the same, stating that they do not come under the purview of RTI Act. This is nothing but an attempt to conceal their illegal activity.
The same malpractice is being followed even by M/s Kapil Chit Funds Pvt. Ltd., too another chit fund company in the states of AP and Telangana. Only on my insistence they paid me interest for the belated payment.
My enquiries revealed that almost all the chit fund companies in these two states are following this malpractice.
As no action was initiated in the desired direction, even by the Registrar of chits concerned in the matter, even when the matter was brought to their notice by me, it can be safely concluded that this is happening with the connivance of the authorities who are supposed to regulate the activities of the chit fund companies.
The chit fund companies in the other states too, I don’t think would be more kind to the Subscribers. They too would perhaps be cheating the subscribers in a similar way.
There is, thus, certainly a strong case for a thorough SUO MOTU probe in to the functioning of all the chit fund companies, not only in the States of AP and Telangana, but also in to functioning of all the chit fund companies throughout the country. It brooks no delay as the subscribers have already been cheated for several decades because of the unlawful detention of their monies by the unscrupulous chit fund companies. It is high time the Supreme Court intervened and stopped this illegal activity as “failure by this Court to interfere with the same would amount to allow illegality to be perpetuated.”
***
Retired Assistant Divisional Manager (Legal), LIC OF INDIA,
Flat No.209, “Sri Krishna Ambhas” Apartments,
Near Janapriya Utopia, Hyderguda, Attapur,
RANGAREDDY DISTRICT,
HYDERABAD – 500048.Telangana State.
Mobile No.[protected].
E mail: [protected]@yahoo.co.uk
************************************************************************
Cheating by the Chit Fund Companies…
NEED FOR A SUO MOTU PROBE.
• The prize amounts should be paid immediately after furnishing security.
• The relevant Act did not grant any time for payment, thereafter.
• The Consumer Court too has affirmed this.
• The Chit Fund companies are still unlawfully detaining the prize amounts.
• Urgent need for a SUO MOTU probe.
The Hon’ble Supreme Court has some time back rightly asserted its sky-high powers to chase injustice. The relevant observation reads as under:
“Where there is manifest injustice, a duty is enjoined upon this Court to exercise its suo motu power ….as it is well-settled that illegality should not be allowed to be perpetuated and failure by this Court to interfere with the same would amount to allow illegality to be perpetuated.”
{CRIMINAL APPEAL NO.1428 OF 2011 Arising out of S.L.P.(Crl.) No. 6349 of 2010)}
Fondly hoping that the Supreme Court would initiate action by exercising its suo motu power against the cheating being perpetuated by the chit fund companies in general, and safeguard the interests of the gullible chit subscribers who are blissfully ignorant that they are being cheated, I am attempting this write up.
Coming to the point, the chit fund companies are expected to pay the prize amounts without any delay, when once the required security is provided by the successful bidders. But most of the companies, at least in the states of AP and Telangana, as far as I know, are unlawfully retaining the prize amounts with them for a month or so, as a matter of right, even after the sufficient security is provided.
When this malpractice of this intentional delay by M/s Shriram Chits Private Ltd., was challenged by me, it was clearly held by the District Consumer Forum, Kadapa, way back in the year 2010 {in its Order dated[protected] in my CC No.72/2010}, that as per provisions of the A.P. Chit Funds Act, the opposite parties should pay the prize monies immediately after furnishing security without any delay and concluded that there was deficiency of service and unfair trade practice in the practice of the company thus clearly establishing that withholding of prize amounts after submission of security is illegal.
Page 1 of 2. Contd…2.
- 2 -
It is submitted that though the District Forum has categorically concluded that no time is allowed in the Act for payment of prize money after submission of the security, and ordered payment of interest for the belated payment of the prize money and also awarded costs to me, in my individual case, it could not give any specific general direction, because of the obvious limitations of jurisdiction as it is concerned with only the aspect of the deficiency in service.
Taking advantage of the inability of the consumer forum to give a general direction, the particular chit fund company, though it has paid the amount due to me as per the order, is continuing with its malpractice of making the payment of prize amounts, only after one month even after providing the security by the successful bidders, forgetting its legal and moral responsibility. When I sought certain information under the provisions of the RTI Act to find out whether they are still perpetuating their malpractice, they refused to give me the same, stating that they do not come under the purview of RTI Act. This is nothing but an attempt to conceal their illegal activity.
The same malpractice is being followed even by M/s Kapil Chit Funds Pvt. Ltd., too another chit fund company in the states of AP and Telangana. Only on my insistence they paid me interest for the belated payment.
My enquiries revealed that almost all the chit fund companies in these two states are following this malpractice.
As no action was initiated in the desired direction, even by the Registrar of chits concerned in the matter, even when the matter was brought to their notice by me, it can be safely concluded that this is happening with the connivance of the authorities who are supposed to regulate the activities of the chit fund companies.
The chit fund companies in the other states too, I don’t think would be more kind to the Subscribers. They too would perhaps be cheating the subscribers in a similar way.
There is, thus, certainly a strong case for a thorough SUO MOTU probe in to the functioning of all the chit fund companies, not only in the States of AP and Telangana, but also in to functioning of all the chit fund companies throughout the country. It brooks no delay as the subscribers have already been cheated for several decades because of the unlawful detention of their monies by the unscrupulous chit fund companies. It is high time the Supreme Court intervened and stopped this illegal activity as “failure by this Court to interfere with the same would amount to allow illegality to be perpetuated.”
***
Cheating by the Chit Fund Companies…
NEED FOR A SUO MOTU PROBE.
• The prize amounts should be paid immediately after furnishing security.
• The relevant Act did not grant any time for payment, thereafter.
• The Consumer Court too has affirmed this.
• The Chit Fund companies are still unlawfully detaining the prize amounts.
• Urgent need for a SUO MOTU probe.
NEED FOR A SUO MOTU PROBE.
• The prize amounts should be paid immediately after furnishing security.
• The relevant Act did not grant any time for payment, thereafter.
• The Consumer Court too has affirmed this.
• The Chit Fund companies are still unlawfully detaining the prize amounts.
• Urgent need for a SUO MOTU probe.
Kalepu Srinivas writes...
Personal Loan In Sriram Chits Emi Not Adjusted
I have applied personal loan in M/s Sriram Chits at Peddapuram for Rs.50, 000/- vide Agreement No.699P/07 EMI Rs.3726 in 18 installments in 2007. I have paid 12 EMIs to the agent. on 30.05.2009 I have paid an amount of Rs.28, 000/- to the Branch Manager and obtained a Receipt No.[protected]original receipt with me) and said the Manager your loan amount cleared, but i am surprised that a court attachment was received for an amount of Rs.64, 685/- and the branch insisting the surety person Smt. Sridevi Rajeswari, Attender in Y.I.Division, Peddapuram frequently. The branch not given the details of EMIs on request. Please kindly do justice.
Personal Loan In Sriram Chits Emi Not Adjusted
I have applied personal loan in M/s Sriram Chits at Peddapuram for Rs.50, 000/- vide Agreement No.699P/07 EMI Rs.3726 in 18 installments in 2007. I have paid 12 EMIs to the agent. on 30.05.2009 I have paid an amount of Rs.28, 000/- to the Branch Manager and obtained a Receipt No.[protected]original receipt with me) and said the Manager your loan amount cleared, but i am surprised that a court attachment was received for an amount of Rs.64, 685/- and the branch insisting the surety person Smt. Sridevi Rajeswari, Attender in Y.I.Division, Peddapuram frequently. The branch not given the details of EMIs on request. Please kindly do justice.
Not a trusted chit fund for the people. Lot of procedures are there to get back our own money.Nearly approached the branch manager (subbu) cbe-crosscut five times no proper response from them.
Dear sir,
This is to inform you that i got a call for shriram finance stating if you pay 10, 000 rupess you will get 100, 000 and after 1year you have to pay monthly and i have paid 40, 000 rupess for 4, 00, 000 lakhs on 23rd oct in the account of
Maxim Healthpro private Limited
A/C :[protected].
ifsc code:ICIC0002343
IN ICICI BANK
and i got a call from [protected], [protected], [protected] from this number i got a call the girl name was Ms.subha its original name or not even i dont know and almost one month over still i have not got my money and i belive shriram because i have buyed 3 bikes that why i have paied the money
This is to inform you that i got a call for shriram finance stating if you pay 10, 000 rupess you will get 100, 000 and after 1year you have to pay monthly and i have paid 40, 000 rupess for 4, 00, 000 lakhs on 23rd oct in the account of
Maxim Healthpro private Limited
A/C :[protected].
ifsc code:ICIC0002343
IN ICICI BANK
and i got a call from [protected], [protected], [protected] from this number i got a call the girl name was Ms.subha its original name or not even i dont know and almost one month over still i have not got my money and i belive shriram because i have buyed 3 bikes that why i have paied the money
i am philip from chennai
urgently i need the money so i was taken jewels went to shriram chits nanganallur branch .i given the 1ring and chain. its totally 11.5 gram . finally i settled the money that time i checked my jewels weight 11 gram only. i shocked and then ask section incharge he told the ans very rude.
pls anybody take the action against shriram chits.. very fraud company
dear friends dont put jewels inshriram chits and saving chit also
philip
[protected]
urgently i need the money so i was taken jewels went to shriram chits nanganallur branch .i given the 1ring and chain. its totally 11.5 gram . finally i settled the money that time i checked my jewels weight 11 gram only. i shocked and then ask section incharge he told the ans very rude.
pls anybody take the action against shriram chits.. very fraud company
dear friends dont put jewels inshriram chits and saving chit also
philip
[protected]
yea ialso agree wid u ...what is happening internally iknew every thing ihave a recorded sme sessiondsalso there is a time to give it too media the worest chit fund that ihave never seen ...jst palying with consumers but these consumers have too know every thing...if any thing goes wrong they will buy media also thats y iam waiting ...once the time will come naa iwll publish in all social websites...including media
Hi,
I have paid monthly dues regularly and won the bid on the 11th month and I have given 3 sureties whose salaries are more than 50k per month. Among them one person is a central government employee too. Irrespective of all sureties, they say only Govt employees can be the sureties which was not communicated to me when I placed the chit. Also they are conveying this only after 40 days of auction and after collecting the necessary docs with me. Another thing, they conduct chit auctions at their convenient dates without informing the chit holders. So far, I haven't get any notification for chit auctions by postal or phone calls from Sriram chits.
I placed my chit in Velachery branch and the respective RM in Medavakkam branch is forcing me to quit the chit abruptly by denying my sureties by hence they are taking around Rs. 25000 as penalty from the dues that I paid so far. Its really cheating and they misuse the poor people like me.
I am not sure whether posting my concern here, will resolve the issue. But it may help others not to invest on Sriram.
I have paid monthly dues regularly and won the bid on the 11th month and I have given 3 sureties whose salaries are more than 50k per month. Among them one person is a central government employee too. Irrespective of all sureties, they say only Govt employees can be the sureties which was not communicated to me when I placed the chit. Also they are conveying this only after 40 days of auction and after collecting the necessary docs with me. Another thing, they conduct chit auctions at their convenient dates without informing the chit holders. So far, I haven't get any notification for chit auctions by postal or phone calls from Sriram chits.
I placed my chit in Velachery branch and the respective RM in Medavakkam branch is forcing me to quit the chit abruptly by denying my sureties by hence they are taking around Rs. 25000 as penalty from the dues that I paid so far. Its really cheating and they misuse the poor people like me.
I am not sure whether posting my concern here, will resolve the issue. But it may help others not to invest on Sriram.
I am sriram chit customer in Thanjavur branch, sriram chit fund rules and service super but sriram Thanjavur staff fraud fraud etc... Full details call me [protected]
dear sir
the same has happened to me i have one chit running before investing in the chits the agent told me that he will give me the chit in the 5 month today 13 months have passed they are just making me fool and extending by saying they will give me the chit in the upcoming month so i asked them to return my money they said it will be credited to my account within 7 days but 2 months have passed they have not given me a single penny and now they are asking me guaranter for returning my money they are a big frauds government need to take action against this company
regards
Aniketh
[protected]
the same has happened to me i have one chit running before investing in the chits the agent told me that he will give me the chit in the 5 month today 13 months have passed they are just making me fool and extending by saying they will give me the chit in the upcoming month so i asked them to return my money they said it will be credited to my account within 7 days but 2 months have passed they have not given me a single penny and now they are asking me guaranter for returning my money they are a big frauds government need to take action against this company
regards
Aniketh
[protected]
Shri ram loan – cheating company – fraud persons using shriram finance name and get money for 10 % deposit giving personal loan this is sukumar from madurai, i have got a call on 05th jun from
Mr. Siva from sriram finance arranging personal loan upto 3 lakhs with 7.5 % rate of interest and told me that i must pay rs. 30, 000/- for caution deposit. I am told not interest. But many more time
He is tellhime finaly i have pay via dd from shri ram life insuran name 10th july and paid rs.30000/-. The next day i called sriram finance customer care for verification and i knew that they don’t
Have such a scheme for personal loan and said that nobody working in the name of the above said person after that i have called mr. Siva, ms. Hema, mr. Gopi, mr. Vinoth all are fraud. Again i called
Siva mobile number, some one persone take the phone he is medical level. I arrange that loan process. But today 8th august not arrange the loan, last 1 week he is not respone my phone number,
My mobile number put on block list. I try to another another number he is answer not probley. Finaly i got one number that he was sr. Manager he is asked rowdy speaking to me, i am very
Disappoinment. Every call person voice i stored in my mobile number.
How to i cancel the shri ram life insurance policy. Please help me. I am a middle class family. I would arranged the loan for my hosipital treatment shriram loan guys cheating me & my treatment also.
Thefraudd address and above details dot avoid that
Shri ram life insurance
No5, thomas nagar, ullagram, chennai -91 (Madipakkam)
Fraudud email id : [protected]@gmail. Cofraudrud phone number :
1. +91 [protected] (Branch manager)
2. +91 [protected] (Siva & vinoth)
3. +91 [protected]
4. +91 [protected]
5. +91 [protected]
Fraudfrud hema : +91 [protected]
Fraud company and cheating the public
Mr. Siva from sriram finance arranging personal loan upto 3 lakhs with 7.5 % rate of interest and told me that i must pay rs. 30, 000/- for caution deposit. I am told not interest. But many more time
He is tellhime finaly i have pay via dd from shri ram life insuran name 10th july and paid rs.30000/-. The next day i called sriram finance customer care for verification and i knew that they don’t
Have such a scheme for personal loan and said that nobody working in the name of the above said person after that i have called mr. Siva, ms. Hema, mr. Gopi, mr. Vinoth all are fraud. Again i called
Siva mobile number, some one persone take the phone he is medical level. I arrange that loan process. But today 8th august not arrange the loan, last 1 week he is not respone my phone number,
My mobile number put on block list. I try to another another number he is answer not probley. Finaly i got one number that he was sr. Manager he is asked rowdy speaking to me, i am very
Disappoinment. Every call person voice i stored in my mobile number.
How to i cancel the shri ram life insurance policy. Please help me. I am a middle class family. I would arranged the loan for my hosipital treatment shriram loan guys cheating me & my treatment also.
Thefraudd address and above details dot avoid that
Shri ram life insurance
No5, thomas nagar, ullagram, chennai -91 (Madipakkam)
Fraudud email id : [protected]@gmail. Cofraudrud phone number :
1. +91 [protected] (Branch manager)
2. +91 [protected] (Siva & vinoth)
3. +91 [protected]
4. +91 [protected]
5. +91 [protected]
Fraudfrud hema : +91 [protected]
Fraud company and cheating the public
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SHRIRAM CHITS NEVER GIVE YOU ACKNOWLEDGEMENT.
you give money or free tour to managers, they will lick you. if you ask them for your chit money, YOU WILL LICK THEM ALLYOUR LIFE.
You have a good option. COMMIT SUICIDE.
SHRIRAM CHIT IS A GOOD WAY TOCOMMIT SUICIDE.