[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
Hi Friend,
thank you
First I thought of investing some money into Chitfund company, but after reading this I will not go for that instead I will keep it in my savings account
Many thanks,
Divya
thank you
First I thought of investing some money into Chitfund company, but after reading this I will not go for that instead I will keep it in my savings account
Many thanks,
Divya
yes in many places the same is going on and also many fraud things are happening inspite of this small fraud
I am subscriber of our Sriram Chit Fund Pvt. Ltd., Secunderabad, residing at Hyderabad. I have to email this to you all particularly the concerned persons of prestigious Sriram Chit Fund officials/Management, in respect of question regarding, "is there any online (1) status of monthly subsricption, (2) Online payment of monthly subscription (3) schemes including details of Sriram Chits, Money Scheme, Insurance Scheme, Fixed Deposits Schemes, etc. (4)information relatings to status on grievance actions". I kindly request the Management of Sriram Chit Fund Pvt. Ltd., to kindly provide the above services and any further facilities whatever so required to make the easy going life for the subscribers.
Kindly look into the matter as early as possible, for which other subscribers and myself will be happy and ever grateful to the Management of Sriram Chit Fund Pvt. Ltd..
Thanking you,
Gopi Gupta, Subscriber
Kindly look into the matter as early as possible, for which other subscribers and myself will be happy and ever grateful to the Management of Sriram Chit Fund Pvt. Ltd..
Thanking you,
Gopi Gupta, Subscriber
Hi
My self Malliga G from Salem I purchased a TV on finance with Shriram Finance company his Agreement No. 5899/08 his EMI going on Rs. 583/- per month from my A/c no.[protected]ICICI Bank) on every 07th from feb'2008. I gave 8 cheques no. from 176012 to 176019.
On July'08 the cheque(176017) is not presented by Sriram company.
Sep'08 my cheque (176018) is bounced then I went to Salem 5 roads branch office and I paid the amonunt of Rs.583 + 400 bounce charge = 993/- on 23/09/2008. On Oct month I received a letter dt.03/01/2008 stated that my cheque is got bounced and I have to pay the pendind amount 583 + 300 =883/-. Then I went to the branch and asked why they received me extra Rs.100. They told that the bounce charges varying upto Rs.500 and I asked them why you are sending a letter stated bounce charge was Rs.300. They don't respond my compliant. Then I told them that July month payment was still pending when you ask that amount I will see them.
I received a summonn dt.04.02.2009 from Sriram stated that you have not paid the pending amount of Rs.641 and you would come on 20.02.2009 before our Judge to explain.
Non banking of cheque, the fault is only Sriram Company, then why can I pay the extra charges. I already paid extra Rs.100 for bounce charge now they asked me to pay interest for non banking cheque + Rs.500 for legal.
Pls do the needful to close the complaint.
My self Malliga G from Salem I purchased a TV on finance with Shriram Finance company his Agreement No. 5899/08 his EMI going on Rs. 583/- per month from my A/c no.[protected]ICICI Bank) on every 07th from feb'2008. I gave 8 cheques no. from 176012 to 176019.
On July'08 the cheque(176017) is not presented by Sriram company.
Sep'08 my cheque (176018) is bounced then I went to Salem 5 roads branch office and I paid the amonunt of Rs.583 + 400 bounce charge = 993/- on 23/09/2008. On Oct month I received a letter dt.03/01/2008 stated that my cheque is got bounced and I have to pay the pendind amount 583 + 300 =883/-. Then I went to the branch and asked why they received me extra Rs.100. They told that the bounce charges varying upto Rs.500 and I asked them why you are sending a letter stated bounce charge was Rs.300. They don't respond my compliant. Then I told them that July month payment was still pending when you ask that amount I will see them.
I received a summonn dt.04.02.2009 from Sriram stated that you have not paid the pending amount of Rs.641 and you would come on 20.02.2009 before our Judge to explain.
Non banking of cheque, the fault is only Sriram Company, then why can I pay the extra charges. I already paid extra Rs.100 for bounce charge now they asked me to pay interest for non banking cheque + Rs.500 for legal.
Pls do the needful to close the complaint.
To
Mr. Ravi, The manager
Shriram Chits Tamil nadu Ltd.
137 - South Mada Street
Villivakkam
Chennai - 600 049
From
S Balasubramaniyan
Chennai
With reference to your letter dt. 08.10.07 with reference to the non payment of the due 22 to 25th,
received on 15.10.07
I would like to narrate the following for non payment of those dues:
On 15th March 2007, Mr. Ravi, Manager - Shriram chit, Villivakkam request me to put one policy
Premium amount around Rs.3000/- p.a., I also accept the same, and the same has been debited
to the payment made to me for the Other chit on that day., and then he calculate something and
ask me for some additional amount of Rs.1295/- as premium.
At that time also I told him that I have more commitment in insurance already. He convence me
that this is only around Rs.4000/- p.a.
During the month of June 07 I have received the renewal premium notice shows Rs.853/- for Five
polities amounting to Rs.4265/- per quarter.
I really surprised to see that, it shows Rs.4265/- per quarter (Rs.17060/- per annum). Immediately
I call mr. Ravi and told him about that, he told me that, they may be send this as wrongly, I have
check up with my head office and inform you. Also he got the Xerox copy of the renewal premium
notice from me. He told me that he will solve the issue with a week time.
When the person came to collect the next month Chit due on 02nd July 07, I have called mr. Ravi
and told him that I will make the payment for both the chit once u solve the issue, because
already one month had gone.
He promise me that this problem will solve with in a week time, This time you will release the payment,
You need not talk to me about this again, I ll assue you that this will solve it before that like that.
Next month (July 07) I got the another renewal premium notice dt. 10.07.07, shows the next quarterly
(Oct 07) premium due..
I was really shocked, and I again called Mr. Ravi and inform the same. He told me that don’t worry, I will
take care and solve this issue. Like that. But till today I have not get it solved.
During last week I called mr. Ravi and asked about the same, he told me that, he is in travel, and he will
called me with in half an hour, but till now I have not received any call from him.
I received the notice dt.08.10.07, stating that the dues from 22 to 25th will be paid on or before 13.10.07,
on 15.10.07. Now also I have called Mr. Ravi's mobile number ([protected]), but this is not reachable,
then I called the Villivakkam office, They told me that he gone to head office, once he will be back
they ask him to call me.
In the mean time I wrote this letter to u, since you send me the non payment by written, I also need
to give the explanation for non payment in writing.
I request you kindly look into this issue and solve the problem immediately,
I am ready to make the total dues to both the chit, immediately solve the above said issue.
Also I would like to inform you that I can able to pay the premium for the said policy not more than
Rs 4265/- per annum..
Thank you
S Balasubramaniyan
Cc: The Manager, Shriram Chits Tamilnadu P Ltd, H O: Accounts Wing, Sorrento BlDG.,
No. 6 LB Road, Adyar, Chennai - 20
Cc : Mr. Ganapathy, Shriram Chit, Villivakkam Br. - For your information pl.
Mr. Ravi, The manager
Shriram Chits Tamil nadu Ltd.
137 - South Mada Street
Villivakkam
Chennai - 600 049
From
S Balasubramaniyan
Chennai
With reference to your letter dt. 08.10.07 with reference to the non payment of the due 22 to 25th,
received on 15.10.07
I would like to narrate the following for non payment of those dues:
On 15th March 2007, Mr. Ravi, Manager - Shriram chit, Villivakkam request me to put one policy
Premium amount around Rs.3000/- p.a., I also accept the same, and the same has been debited
to the payment made to me for the Other chit on that day., and then he calculate something and
ask me for some additional amount of Rs.1295/- as premium.
At that time also I told him that I have more commitment in insurance already. He convence me
that this is only around Rs.4000/- p.a.
During the month of June 07 I have received the renewal premium notice shows Rs.853/- for Five
polities amounting to Rs.4265/- per quarter.
I really surprised to see that, it shows Rs.4265/- per quarter (Rs.17060/- per annum). Immediately
I call mr. Ravi and told him about that, he told me that, they may be send this as wrongly, I have
check up with my head office and inform you. Also he got the Xerox copy of the renewal premium
notice from me. He told me that he will solve the issue with a week time.
When the person came to collect the next month Chit due on 02nd July 07, I have called mr. Ravi
and told him that I will make the payment for both the chit once u solve the issue, because
already one month had gone.
He promise me that this problem will solve with in a week time, This time you will release the payment,
You need not talk to me about this again, I ll assue you that this will solve it before that like that.
Next month (July 07) I got the another renewal premium notice dt. 10.07.07, shows the next quarterly
(Oct 07) premium due..
I was really shocked, and I again called Mr. Ravi and inform the same. He told me that don’t worry, I will
take care and solve this issue. Like that. But till today I have not get it solved.
During last week I called mr. Ravi and asked about the same, he told me that, he is in travel, and he will
called me with in half an hour, but till now I have not received any call from him.
I received the notice dt.08.10.07, stating that the dues from 22 to 25th will be paid on or before 13.10.07,
on 15.10.07. Now also I have called Mr. Ravi's mobile number ([protected]), but this is not reachable,
then I called the Villivakkam office, They told me that he gone to head office, once he will be back
they ask him to call me.
In the mean time I wrote this letter to u, since you send me the non payment by written, I also need
to give the explanation for non payment in writing.
I request you kindly look into this issue and solve the problem immediately,
I am ready to make the total dues to both the chit, immediately solve the above said issue.
Also I would like to inform you that I can able to pay the premium for the said policy not more than
Rs 4265/- per annum..
Thank you
S Balasubramaniyan
Cc: The Manager, Shriram Chits Tamilnadu P Ltd, H O: Accounts Wing, Sorrento BlDG.,
No. 6 LB Road, Adyar, Chennai - 20
Cc : Mr. Ganapathy, Shriram Chit, Villivakkam Br. - For your information pl.
Even I have the same complaint which I faced the same today at Bangalore Basavanagudi Branch, Please let me know what action to be taken towards this, If you think we would like to take a joint action regarding this case I am ready to go to any extent, since he is very rude and arrogant. He says I have all the support from top and he is ready to man handle me also. Please let me know the correct procedure we will joinly fight this cause.
DEAR SIR,
I am working in an auditor office in salem. the branch manager of salem chits came to my house alongwith ur agent named d.rajan getting a cheque for rs 25000 for onetime single premium from me stating after getting confirmation from methey will send the cheque for collection..
without my knowledge they send the cheque for collection and taken rs 25000 from my account. actually i am keeping the money for some other emergency purpose. it made very angry . though the branch manager of salem sriram chir fund I knowing my financial difficulties.
now i have sent one letter to close the above said deposit immediately to the manager concerned.
the manager never care about my difficulties. i am now frustrated. i intend to go court to take legal actions against him. k.murali salem. cell no. [protected]
I am working in an auditor office in salem. the branch manager of salem chits came to my house alongwith ur agent named d.rajan getting a cheque for rs 25000 for onetime single premium from me stating after getting confirmation from methey will send the cheque for collection..
without my knowledge they send the cheque for collection and taken rs 25000 from my account. actually i am keeping the money for some other emergency purpose. it made very angry . though the branch manager of salem sriram chir fund I knowing my financial difficulties.
now i have sent one letter to close the above said deposit immediately to the manager concerned.
the manager never care about my difficulties. i am now frustrated. i intend to go court to take legal actions against him. k.murali salem. cell no. [protected]
Yes. I totally agree with the following things:
1) shriram appoints duplicate bidders to bid on the amount
2) they put so many pressures over the sureties.( minimum 3 govt. employees)
3) They charge more fees saying as administrative charges when you join the chit and take the chit. (even when taking the chit they charge admin fees - for the hard earned money. just imagine for 5 lakh chit 1500 admin fees. 50 x 1500 = 75000) in single month.
4) Monthly admin fees would also be taken. (they wont give the exact dividend)
5) After when you take the chit they wont give one time payment. Payment would be split to 2 or 3 checks
Also right now we hear that sriram chits are running on loss as they have invested more of their money on automobile industries.(shares). I dont know how far it is true.
I WILL NEVER EVER GO FOR SRIRAM HERE AFTER.
1) shriram appoints duplicate bidders to bid on the amount
2) they put so many pressures over the sureties.( minimum 3 govt. employees)
3) They charge more fees saying as administrative charges when you join the chit and take the chit. (even when taking the chit they charge admin fees - for the hard earned money. just imagine for 5 lakh chit 1500 admin fees. 50 x 1500 = 75000) in single month.
4) Monthly admin fees would also be taken. (they wont give the exact dividend)
5) After when you take the chit they wont give one time payment. Payment would be split to 2 or 3 checks
Also right now we hear that sriram chits are running on loss as they have invested more of their money on automobile industries.(shares). I dont know how far it is true.
I WILL NEVER EVER GO FOR SRIRAM HERE AFTER.
BY MISTAKE I HAD CHOOSEN THIS SRIRAM CHITS FOR INVESTMENTS.
I HAVE CHIT WITH THEM FOR 1.0 LAC. I HAVE OPTED THIS IN THE FIRST WEEK OF FEBRUARY 2009 WITH SOME REASONABLE DISCOUNT. THEY AGREED.
BUT AFTER THIS STRUGGLE STARTED.
THAT TADEPALLIGUDEM SRIRAM CHITS MANAGER GIVING TROUBLE LIKE ANY THING TO RELEASE THE MONEY.
MORE THAN 10 TIMES I MIGHT HAVE REMEMBERED TOHIM PERSONALLY ABOUT THE STATUS OF MONEY. EVERY TIME DISAPPOINTMENT.
I DON'T KNOW WHY THEY ARE PLAYING AND ENJOYING FUN WITH CUSOMERS LIKE THIS.
THEIR WEBSITE NEVER WORKS PROPERLY. ALWAYS THAT COMPLAINTS POPUP WILL NEVER WORK.
CAN ANY BODY SUGGEST ME HOW TO APPROACH THEIR HEAD OFFICE?.
THANKS & REGARDS
I HAVE CHIT WITH THEM FOR 1.0 LAC. I HAVE OPTED THIS IN THE FIRST WEEK OF FEBRUARY 2009 WITH SOME REASONABLE DISCOUNT. THEY AGREED.
BUT AFTER THIS STRUGGLE STARTED.
THAT TADEPALLIGUDEM SRIRAM CHITS MANAGER GIVING TROUBLE LIKE ANY THING TO RELEASE THE MONEY.
MORE THAN 10 TIMES I MIGHT HAVE REMEMBERED TOHIM PERSONALLY ABOUT THE STATUS OF MONEY. EVERY TIME DISAPPOINTMENT.
I DON'T KNOW WHY THEY ARE PLAYING AND ENJOYING FUN WITH CUSOMERS LIKE THIS.
THEIR WEBSITE NEVER WORKS PROPERLY. ALWAYS THAT COMPLAINTS POPUP WILL NEVER WORK.
CAN ANY BODY SUGGEST ME HOW TO APPROACH THEIR HEAD OFFICE?.
THANKS & REGARDS
sri saravana & co — not refunded money
siri was booked ticket on irctc.co.in.The ticket was booked on 15/04/2009 and the journy date was 15/04/2009 but the passanger was travelling the TT Name J P Markande Batch no G472493 was telling the ticket was not booked and the money was refunded on your A/C. please see the detail the PNR[protected]
Train Number 9707 Train Name ARAVALI EXPRESS
Date 15- Apr- 2009
From Station BDTS To station PNU
Reservation upto PNU Boarding point BDTS
Class SL No of passengers 4
Charting Status CHART PREPARED
Upgraded Class
Thanking you yours faithfully
saravanan.a
This is only a recommendation, and not complaint :
Currently, Shriram Chits are levying the following charges :
example : 10, 000 x 50 = 5, 00, 000 chit
1. Entrance fee : Rs. 1000/- x 50 members = 50, 000
2. First two hands go to the Company - interest on Rs. 10 lakhs for 50 months enjoyed by the company
3. Rs. 25, 000 + tax 2, 163 = Rs. 27, 163.00 per month for 50 months, totalling Rs. 13, 58, 150.00
No doubt a small portion of this is going towards statutory payments, but the major amount is going as profit to the Company. Even if you deduct fund management charges, and insurance charges @ a nominal percentage, a substantial amount is still left with the company.
I think the charges are too high, and there is sufficient scope for substantial reduction.
Secondly, I feel the cap to bidding needs to be re-worked. Currently the cap is at 40 % for all the bids. Often the 40 % bid is reached from the 3rd to 18th month, which seems unfair to me. Perhaps the cap should be increased for the third month, and gradually reduced from the 5th month onwards. This would be more rational approach, and rigging, etc. might be controlled.
Lastly I would like to know whether the Registrar of Chits is issuing any guarantee to investors in case of default by the Company, similar to Rs. 1 lakh guarantee provided by RBI to bank deposits.
One last recommendation - the reply to customer complaints should also be published to gain more customer confidence. Of course only the genuine grieviances need to be attended, but the non-genuine complaints also have a right to be heard, and replied to, with reasons, why the particular customer is wrong.
If the above recommendations are followed, even if some extent, I think the Company stands to gain more in terms of customer confidence and customer base will surely increase. Overall, the company profits will definitely improve.
Currently, Shriram Chits are levying the following charges :
example : 10, 000 x 50 = 5, 00, 000 chit
1. Entrance fee : Rs. 1000/- x 50 members = 50, 000
2. First two hands go to the Company - interest on Rs. 10 lakhs for 50 months enjoyed by the company
3. Rs. 25, 000 + tax 2, 163 = Rs. 27, 163.00 per month for 50 months, totalling Rs. 13, 58, 150.00
No doubt a small portion of this is going towards statutory payments, but the major amount is going as profit to the Company. Even if you deduct fund management charges, and insurance charges @ a nominal percentage, a substantial amount is still left with the company.
I think the charges are too high, and there is sufficient scope for substantial reduction.
Secondly, I feel the cap to bidding needs to be re-worked. Currently the cap is at 40 % for all the bids. Often the 40 % bid is reached from the 3rd to 18th month, which seems unfair to me. Perhaps the cap should be increased for the third month, and gradually reduced from the 5th month onwards. This would be more rational approach, and rigging, etc. might be controlled.
Lastly I would like to know whether the Registrar of Chits is issuing any guarantee to investors in case of default by the Company, similar to Rs. 1 lakh guarantee provided by RBI to bank deposits.
One last recommendation - the reply to customer complaints should also be published to gain more customer confidence. Of course only the genuine grieviances need to be attended, but the non-genuine complaints also have a right to be heard, and replied to, with reasons, why the particular customer is wrong.
If the above recommendations are followed, even if some extent, I think the Company stands to gain more in terms of customer confidence and customer base will surely increase. Overall, the company profits will definitely improve.
The systems and proceedures are to be revamped and organzational set up is to be redone to have internal checks so that customer satisfaction can be improved and fradulant activities of staff is checked. Customer is alwayas harassed by chit fund staff by telling something before joining and doing something later. it is not correct thinking that they can go on cheating and find prospecive victims continously.
The systems and proceedures are to be revamped and organzational set up is to be redone to have internal checks so that customer satisfaction can be improved and fradulant activities of staff is checked. Customer is alwayas harassed by chit fund staff by telling something before joining and doing something later. it is not correct thinking that they can go on cheating and find prospecive victims continously.
hello sir shriram chits. A.P. your chit fund is the B..E..S..T.. But some staff, agents miss use to off is power
and aleternet facing the problems or customer. specilaly br staff. not responding his dutys. so kindly attention this problem we will the KING IN A.P CHIT FUND.
and aleternet facing the problems or customer. specilaly br staff. not responding his dutys. so kindly attention this problem we will the KING IN A.P CHIT FUND.
iam not agree with u
By looking at the comments of the customers, this kind of companies to be brought to the justice. The governments should take action on these and people should become aware and should ignore these kind of companies. That would be a lesson for these culprits..
தமிழில் சொன்னால் எல்லோருக்கும் புரியுமில்ல..
shriram — prize money
sir i have recived sms from AD DEMO my cell number got won 450000 GB POUNDS now wat i do [protected]@live.com I am totally agree with u sir i have finance 1 bike frm shriram finance for 1 year 10 emi given 10 cheques to agent but they had presented 3 chequs only then collected cash & demanding for fine also .shriram is no 1 fraud company of india with out any system in internal account section as well as no 1 in manipulating in internal books its a totally fraud company.
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+91 80 2372 0164
+91 44 4223 6000
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5th Floor Greams Dugar, 149 Greams Road, Chennai, Tamil Nadu, India - 600006
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Now when I joined 2 chits about a year ago, the branch manager had included an agent without my knolwedge who received the commission without being an agent for my two tickets. I agree that the image of the company is either improved or spoiled by the manager or agent who is interacting. I am sure the management will contact me to know more details to improve the system so that the chit is being seen as a means for mutual benefit of co. and customer and the in between people are eliminated and end benefit passed on to customer.