[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.

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Aug 14, 2020
Complaint marked as Resolved 
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Customer Name-Raju K.S.P
Branch Name:- Mathikere and Indiranagar
Group Code-1950/80009
Ticket No-40
Complaints:- I am a Shriram Chit customer making my payments on time, I hold 3 chits, 1 Chit with Mathikere branch as mentioned above and 2 Chits from Indiranagar Branch.

Apparently due to medical urgency, I had to bid my Chit in the month of October which was on[protected] and had submitted all the required documents within 1 week, However as per policy and procedure prize money has to be provided within 45 days, Till date i am running to get my prize money.

I have approached Branch manager- Manju-[protected], Rajesh who is DM-[protected] and Nagaraj-[protected] who is public relations officer at head office Wilson Garden, I have found no positive response and no confirmation on the Money.

I have decided to proceed legally and approach Media to ensure how people are being misled and being cheated by investing in Shriram.

There is no escalation matrix and i am not sure how the Shriram leadership are taking this issue. I believe the leadership is not strong in running Shriram Group.

I AM THINKING TO APPLY FOR A SCHEME IN shriram chit funds, , after reading this, i am thinking to avoid that company itself, ,
really i got 10 out of 15 answers negative and against that shriram chit funds, ,

so i am planning to quit that option of investing moeny in that, ,

thanks to all persons. my site is
My id38083/24, invested amount in shriram chits, Governor pet branch .
We need to receive 45500/- but received only 41809/- on 18.12.2007. As per Mr. Jagan Mohan (G.M) amount of Rs.3691 was missuesd by one of the agent. Till now no response for us even after somany followup and reminders.

Pls check and resolve this immediately
Non paymnet of interest

I had takem a chit beaing no KDLB 2/17 for Rs 10.00 Lacs. at Kodad Branch Andhra Pradesh. This was a drop nout chit taken in the month of 22.5. 22006 by paying Ra 2867640.00t throuugh your Agent Mr A.VENKAESH senior Development officer at Himaytnagar Nagar Branch.(Hyderbad City) Kodad is out of city limis. The Agent never informed us that this chit was taken at Kodad Brnadh. All the time we were under the impression that his chit ws taken from local city branch. we came to konow only after 3 months.We do not receive any demnadnotice for payment of chit since every thing was handled ny Mr A Venkateh the agent.
In June 2007 we had bided the ampunt and we had pledged the depsoit reciept of My sister in law for Rs 1.50 lavs which matured in January 2008. The deposit was matued and the same was withdrawn by my sister in law We had given a fresh depsoit for Rs 1.00 lac.on january 2007. Till date we have neither recieved the Xerox copy of the recipet for Income Tax purposes nor the interest has been crediited to our sccount from February 2007 onwards,

We have to impress upon you that we have been your customer from 1980 onwards, but on account of hopeless services being rendered by your Agent Mr Venkatesh we have sdisconinued all our cits and also removed our the tune of Rs 25.p00 lacs held in the names of me and my relaives. I am presemtly stationed at MUmbai
Despite our telephonic calls youer Agent Mr A. Venkatsh never responds to our calls .It is indded a sory state of afffairs.please notethat my interst is not credited for the mointh of April 2008 to May 2008 on my depsoist of Rs 1.00 lacI qwill be constrained to ionitarte legal avction, This if for your iformation
I trust you will not allow me to resort to such actions.plesse instruct your Agent Mr A.Venkatesh to credit the zinterst warraants on the fixed depsoit immediately.

I also requet you to not e that to day you have lost one customer, tomorrow you will lose 10 custo0mers and ultimately your fate will be like Gujarat Savings . I ho[pe yuu will initiate necessary action agaisnt the aGENT MR A. VENKATESH and respiond to my compliant .
Thanking You

Yours Sinceely

R. Susheela

business today — late recieve of copy &gift

dear all, I am a subscriber of Business Today I gave a cheque of rs 1910 in 1st week of Jan2008 <& got this cheque debited on 22 Jan 2008.

I was promised for a shoe 2500/ within 6-8 weeks of subscription I got my 1st mag dated 10 feb 2008, I got my shoe after running from pillar to post in 1st weekm of Jun2008 after 17 weeks . Now I want to sue this group, how to go any advice welcome
Contact Shriram chits divisional/regional office and speak to higher officials.
There is something happening like this in most branches, one of relative was working there for a long time before he moved to some other company.
The branch managers get a lump sum commission for these activities and finally a company like this is going to end up nowhere.
iam nagaraj from coimbatore, i want the email id and phone number of Mr Saravana kumar(vice president) chennai, regarding business dealings, so i kindly request u to send me as soon as posible, thankin u,
Mr. Mahendra; Branch Manager, Rajam - Srikakulam district ; he is a Excellent BM in our Srikakulam district. I am thankful them. Plse Inform me or please send them his personnel e-Mail id for me. I am waiting for your favourable reply.

Thanks with regards,
Siripurapu Laxmi.

My self Deepak Kumar Sharma I purchased a laptop on finance with Shriram Finance company his Agreement No. KRH01110/07 his EMI going on Rs. 1350/- per month from my A/c no. [protected] (HDFC BANK) on every 07th.

I paid full & final amount in cash Rs. 17650/- on Dt 02nd June 2008. His Receipt No. 94960 or 003702 but your company debit the Emi Rs. 1350/- from my A/c Dated 26th June but not credit on my A/c or not paid by Cheque or cash till today Dt 17th July 2008 & I paid 400 extra bounce charge to.
Dear Sir,

I am a renowned customer of Ranipet branch from the period of
Branch Manager Mr.Kumar

At present Mr.Karthik is working as Team Leader

Please appoint a person who is able to deveop your business
you have appointed a person who does not know behaviourial culture
I do not know, even finished his Graduation

Hereafter kindly appoint educated persons

Thanks & regards,
now iam working in kuwait .i would like to join at agent whats the procesure
i also faceed this problem, Shriram chit fund is to be a chut fund company, man me aayega vaise customer ka nachati hai, unke hi kuch log bid ing ke liye hote,

Gautam Admane
I have put some money in shriram earlier as FD i got wht i was promissed. but now i have invested in Mutual fund but the updates on how the things are going on is not there. they alwasys send some document in local language which is total usless thing, since we don know the language. but i know that doc is not at all related to the thing i put money in. if some one more responsible from Shriram sees this complain they can go for putting more information on the website. and providing relavent information than some bulls..t
Dear Sir,

My son-in-law Late Javed Abbas and my eldest daughter Late. Sabika Khatoon along with 6 others died in a major accident at Narkatpally, Nalagonda district AP on 29.8.2006. Late.Javed Abbas is having 2 chits each for Rs. 5, 00, 000/- one at Razole and the other at Amalapuram.Razole Taluq, East Godavari Dist AP.
Late Javed Abbas Chit details: Razole Chit : RZLZ 2/32
Amalapuram Chit: KLZ 4/44

I have sent them registered post to give me details whether the chits have been disbursed or not as the brother of Late Javed Abbas, Mr. Murtuza abbas has procured a false legal heir certificate stating that all the members of the family are dead. Through sources, I came to know that the amount of Rs.10, 00, 000/- has been paid to Mr. Murtuza Abbas with out proper verification. I have sent the details of the legal heir certificate cancelled in the letter sent by Registered Post to Manager Amalapuram. As 8 other legal heirs are there along with me, for taking succession certificate, I kindly request you sir to please write to me, how I have to apply for the details under the (Right to Information Act) RTI ACT for which act of kindness I will be grateful to you sir.

I personally contacted the Manager of Shriram Chit funds, Razole and Amalapuram, both of them refused to talk to me or even give me the details of the chits. Their behaviour and attitude itself is totally different when I want to talk them about this matter. They say a letter from Head Office has come not to reveal the details to anybody. The staff there are asking me to contact the Agent Mr. Venkateswara Rao, so that he will solve my problem. I dont know whether these type of legal problem will be solved by agents in Shriram chit funds.

I am having all the relevant documents of the deceased, with relevant proofs like FIR, Death Certificates, Post mortem reports, legal heir certificate of Late Javed Abbas, wife Late Sabika Khatoon etc which I can send it to you if required.

I came to know through sources in my native place, that huge amounts have been paid to the Agent Mr. Venkateswara Rao and the manger to clear this amount without proper verification.

There are 9 legal heirs for Mr. Javed Abbas who is the son of Late. Hadi Hussain, Komarada, Mamidikuduru Mandal, Razole Taluq, East Godavari Dist. AP

I am staying at chennai and I am suffering from the past two years for getting information. Please help me out. I can send you the death certificates, or any other details which you ask for clarification.

My other in-law relations are residing in the same place and I am getting information that they have liqudated the accounts by producing false legal heir certificates which I went and cancelled them. I am enclosing the final letter sent to Shriram Clhit funds manager, amalapuram below for your perusal.

With great hope that you will investigate in to this matter and take necessary action

thanking you sir


Askar Ali Baig, ( husband of deceased Meharangis Banu)
Suhail Abbas, (son)
Shahana Khatoon( daughter)
7, Rajaji Avenue,
Chennai- 600087. Tamilnadu.
Mob: [protected], [protected].

The Branch Manager,
Shriram Chit Funds,
Amalapuram, A.P.

Late Javed Abbas Chit details: Razole Chit : RZLZ 2/32
Amalapuram Chit: KLZ 4/44


Sub: Wrong No Objection Certificate No. L.Dis/C/576/2007, Dt. 31.12.2007 of
deceased Mr. Javed Abbas issued by the Tahsildar of Mamidikuduru to
Mr. Murtaza Abbas without proper verification, and cancelled the
certificate on 23.08.08 information reg:

We have come to know that Mr. Kesava Rao, Tahsildar, Mamidikuduru has issued a wrong No objection certificate of deceased Javed Abbas S/o. Late. Hadi Hussain residents of Komarada village, Mamidikuduru Mandal, giving powers to the said Legal heirs in the No Objection certificate (Xerox copy attached) to sell properties, take bank amounts, chits, insurance amounts, the assets which are running in to crores of rupees left behind by Late. Javed Abbas and his parents late. Hadi Hussain & Nargis Khatoon, without proper verification of the deceased family members, whether they are alive or dead.

On 29.08.2006, in a major gruesome road accident near Narkatpally, Nalagonda Dist, early in the morning, 8 out of 11of my family members traveling in a Scorpio van from Rajamundry to Hyderabad, had direct head-on collision with Leyland Lorry, died on the spot, leaving behind the following Legal Heirs which we have enclosed along with.

The deceased include my wife Meharangis Banu, elder daughter Sabika Khatoon, her husband Javed Abbas, her 5-year-old daughter Nihal Nargis, mother-in-law Nargis Khatoon.

My second daughter Shahana Khatoon and her 6 months old baby (son) were also traveling in the same vehicle, survived the accident, but for her fate she lost her husband, deceased Abed Hussain, her father-in law and mother-in-law deceased Mirza Ejaz Hussain and Rehana Banu.

Almost, all the members of my family are dead leaving behind my son Suhail Abbas,
my daughter Shahana Khatoon, and her son Ashaaz Abbas. Shahana Khatoon’s husband’s, 2 brothers are alive, Janisar Abbas and Mehar Abbas and their family.

On 22nd August 2008, when I came to attend a function at Rajamundry, I came to know through one of my relations that a No objection certificate has been issued to Mr. Murtuza Abbas S/o late. Hadi Hussian and elder brother of late. Javed Abbas. I immediately contacted the Tahsildar Mr. Kesava Rao who said it was true, and gave me the copy the next day i.e. 23.08.2008.

When I read it, I was really shocked to find that as per the No Objection certificate, all the ascendants and descendants or the legal heirs of the deceased members of Javed Abbas have died. I asked the Tahsildar how he got the information. He said, that according to the enquires done and information received by the subordinates, like Village Administrative officer and Revenue Inspector he has issued the No objection Certificate.

My father-in-law Late Hadi Hussain and my son-in-law Late Javed Abbas are considered by the local members as almost the zamindar’s of their village. Each and every person in the Mamidikuduru mandal knows about the background of the family of the above deceased. Even at the time of burial which took place in Nagaram, thousands of villagers, press and media persons known to their family members attended which itself shows how much privileged was the family.

The greatest disappointment and shock to us, is that the Revenue Department, like the Tahsildar, VAO, and RI and other staff members, whose office is just in close vicinity doesn’t know any thing about their family and issued a No objection certificate to Mr. Murtaza Abbas as per his application, with out any verification. I smell foul play in this case. Even, they have not intimated to the other family members about this issue.

As per the No Objection certificate, the last sister of Javed Abbas, M/s. Duresh Banu has objected to the issue of this certificate but nothing was taken in to consideration.
We are having the complete evidence in documents, the No objection certificates of my wife late. Meharangis Banu, late. Sabika khatoon, late. Abed Hussian. late.Mirza Ejaz Hussain and late.Rehana Banu from which you can get the legal heirs.

I would also like to inform you sir, as per the no objection certificate issued, all the legal heirs of the deceased including the ascendants and descendants have died for which death certificates might have been submitted by Mr. Murtaza Abbas and if not, on what information, evidence, and reason this no objection has been issued by the issuing authority.

We don’t know how much of our assets and amounts have been swindled and illegal transactions done by Mr.Murtaza Abbas with the help of this wrong No objection certificate issued, due to the absolute negligence by the Mandal Revenue Department which I claim them to hold complete and absolute responsibility as because of the wrong information gathered by the subordinates of the Tahsildar.

I request you sir that the No Objection was issued to Mr. Murtaza Abbas on 31.12.2007 and the cancellation was done on 23.08.08 for which I am enclosing a Xerox copy of the same. I very kindly and humbly request you sir, to please inform us whether any of the transactions have taken place in your registrar office in the names mentioned in the No Objection certificate during this period, so that I will initiate legal action against the said legal heirs in the No objection certificate for which act of kindness I will be grateful to you sir. I will personally come and meet you when I come over there. The Tahsildar has also sent a cancellation letter to you as told by their department.

I have come to know that my son-in-law Late Javed Abbas and my daughter late Sabika Khatoon are having chits worth more than 10 lakhs in your organization. I request you to please provide the information so that I can proceed further according to the law and submit all the necessary documents for clearance in this matter. Please inform us if the chits have been cleared for legal purposes.

I request you sir, to make an enquiry and take stern action on Mr. Murtuza Abbas and others who masterminded this and who has given false information and misguided your department for the purpose of liquidating the assets. I am also filing a case in this regard.

I am sending you a notice as information through my lawyer Mr. Srinivas / Mr. Papaya Pantulu Advocate of Razole, by Registered Post with Acknowledgment.

Thanking you,

Yours truly,

Askar Ali Baig, Suhail Abbas, Shahana Khatoon.

Copy to the Tahsildar, Mamidikuduru.
Copy to the Sub-Collector, Rajamundry
Copy to the Revenue Divisional Officer, Amalapuram.
Family History chart of Mrs & Mr. Hadi Hussain, Javed Abbas family
Xerox copy of No Objection certificate.
Copy the Head Office, Shriram Chit funds, Hyderabad
Copy to Branch Office, Shriram Chit funds, Rajamundry
Copy to the Main Office, Shriram Chit funds, Chennai.
Cancellation copy of the No objection certificate.

shriram chits — NOT RECEIVED PAN CARD

I have faced similar situation at Shriram Chit Chennai MYLAPORE and Kallakurichi. They have their own agents bidding for the tickets. They do not provide details.

The agents in Shriram Chits gulp all the commision. My friends mom and dad cheated me into joining umpteen number of chits by taking sign on many black forms. They later gulped all the money of mine.

This is a cheating mechanism adopted by Shriram Chits across India. This is a fraud company.
I joined shri ram chits last year, when ever i ask the branch manager to take the chit, he coupled me to take the previous chits which is discontinued by other person, i denied to take that chit, the branch manager is not cooperating in the chit disbursement and asked 4 government sureties and i have submitted the application with 4 government sureties still he didn't process my application and one time he speaks Unrespectable by the tamil word da and than he compermises me by telling i have wrongly used the word da

I have doubts the any branch manager of any concern treating the costomer by this way
in the shri ram chits website their posted that

“Shriram Chits started in 1974 and it has a reputation for timely disbursement of funds and excellent customer service which differentiates it from other companies”.

I have experienced pathetic customer service and delayed disbursement of funds
is shriram chits is trustworthy for investment any comments
IAs per my concern i have 3chits in srirama chits in bangalore branch of 1lac, 1 lac, 50k i got the correct dividend correct emi and very good staff and very good hospitality in yelahanka branch.
never faced any controversy for one of the chits. company has given very good oppurtunity for consumer to safe gaurd their money but some rude employees will make company to bow in front of people thrash the employees not the company...

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