Shriram Chits, Hyderabad — Fraud in shriram chits

13 Reviews
 Ramanjaneyulu reddy
I am B Ramanjaneyulu Reddy, a middle class person having two chits running with sriramchits at Ameerpet branch, Hyderabad. I am in need of money urgently so i went to bid the amount, but i was shocked after facing situations there.
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 they are not supposed to bid.
When asked for bidder details they try to manhandle me. They spoke very arrogantly.
The person who does all this is Srinivasan. I even complaint this to the manager, but the manager has not taken this matter at all seriously, he just said you people do not know the rules of the company, so better bid your chit in coming month.

This is one of the cheating company, I request concerned Govt. authorities to raid on this company to undig the cheatings done at every channel right from the agent to the Manager, and even in the website developed by them has no complaint option. This shows that cheating is their logo and motivation.

These persons here are cheating the public. Please do the needfull.
Complaint comments  12 Comments     Updated: Share0Tweet0Share0


Yeah i already faced this situavation with the idiotic company, The same thing happened, while one of my friend has been cheated in the same way.I had lost faith with this company. The only measure is the Govt. should take necessary action on all the chit companys in the state, to safe guard the money.
I, absolutely agree with you.

During Auction, hardly 2 or 3 real bidders participate. But, while drawing the lot, the agents bid all the chits. Moreover, if a bidder is declared successfull prize winner, the company will take more than 1 month to release the prize money.

So, I request the compalinants to make a appeal to the Registar of Chit Funds (i.e., local Sub-registar office of the concerned area). The Sub-Registar is the Competent authority to look into the matter. Alternatively, one may take help of Consumer Court.

In my view, the Chit Fund company should ensure the following.

1. The agents should be STRICTLY be disallowed from bidding on behalf of their clients.
2. If the real bidder is cannot attend the auction, he should authorize his representative with duly filled and signed authorization form.
3. On receipt of Sureties, Verification should be conducted on top priority basis.
4. The company should not sit on the money for a longer time. They should ensure early disbursal after due diligence.

In addition to lodging a compalint online, I request you to write to the Branch Manager, Registart of Chit Fund and Consumer court. So that such situation do not recur.
Prabh92's reply, Oct 25, 2016
They don't have any rules.rules are only for the customer.I have not paid my chit amount till now.I auctioned the chit on Addanki branch four months back.
NAD Kotha road Branch people are chating members by not accounting the receipts remitted in service centres and issuing legal notices. When the member approaches, the Branch Manager and lady staff are arguing very badly forgetting the corporate image and collecting the amounts for which the staff is at fault. In the case of VNMO 37/50 they have threatened the member who is not well educated and collected Rs. 12000/- vide receipt no 119858 dt. 06.04.2009 for a meagre amount of Rs.658/- the penalty amount levied and not communicated during chit period. In order to avoid the litigation the member has paid and we do not know how much amount was accounted in the books of accounts.Imagine if the member files a suit against the company for collecting such a huge sum for a meagre amount and go to the press. This will lead to slowly loosing customer base and I am amazed how the top management is allowing or encouraging this type of cheating at the cost of future business. Please remember that you are loosing the reputation with guarantors and other their known friends and relatives if a suit is filed for Rs.658/-. It is better in such cases of small amounts to send a copy of statement to all guarantors and ask them to arrange for payment. I advise the Management to give punishment to the Branch Manager and the lady staff concerned. Let me see how sincere the management is in dealing this issue.
its fraud my no.[protected]
when openend the chit a/c some 3 years ago, i was told that some one will come home and collect the chit subsrcription. but this never happened. i receive chit payment notice by post invariably late. as such i was forced to visit their office to find the amount and make payment. with the kind of trafic and lack of parking near their office i find this to be an ordeal. as such i resorted to find the subscription amount by phone and post a crossed cheque. sometimes the cheque is encashed in less than a week and some times they take nearly a month. the latest notice dt. nil was received on 24/10/09 for payment due on 10/10/09 since i found the amount on phone and posted the cheque dt. 6/10/09 the same day, i was feeling that there will be no dely. but to my surprise the cheque was not encashed even on 28/10/09. when queried on phone i was told that the cheque was not received, it is very convenient. i gave the cheque no. and asked them to write to me that they have not received, so that i can post another cheque. i hope they will respond without claming penalty for late payment. in this situation i am forced to demand that they send their person to collect the cheque from my residence.
Yes, Pl. don't believe Shriram, they are not sedning bills properly and I had to give the payments once in a five months after completing 30 months they asked me to close the chit as it was removed already as not remitting payments properly. without reeiving payment how one can pay . it's not chit compnay it's cheating company.
I am also one of the person cheated by Sri Ram Chits, Thoothukudi Branch, Tamilnadu. Yesterday (16.2.2010) i went to bid the money for my urgent need. But the manager and the agents syndicated with each other and conducted a dummy bidding. After that i argue with them for that cheating they were spoke very arrogant. One of the agent challenged me, no one bid the money without the help of agents. The agents are bid the money with the help of the manager for their clients in commission basis. Some of my friends were also experienced that this chit company is running by agents only. The manager and the administration also supported the agents not the clients.
Dear Ramanjaneyulu here i also faced the same problrm

I am having Rs.1, 00, 000/- chit in Tenali Branch As of now I didn’t participate in any Auction .But recently I received a register post letter stating that “You participated in Auction on 08.05.2010 and as of now you didn’t submitted and Surety /Security for getting the prize money. So, please submit the Surety/ Security and get your prize money as early as possible. Other wise your chit will cancel and you will be penalized as per company norms”. With out my presence how it will be allotted to me and that to it was prized Rs.23, 500.00. As I am a fool to prize for Rs.23, 500/- and hardly there is 15 installments[protected]=71500).

This is my problom, with out my permission or my presence it is alloted to me
I am Mahesh. I had buy a bike in Feb - 09 through finance by sriramchits. I dropped 8 cheques in showroom where the monthly instalment has to be credited in My Andhra Bank. Suddenly i received call from sriram agent after 4 months stating there is problem in ECS, so i have 2 pay money in their office which is located in Shivam Road. After completion of 22 months of payment they r are asking me 2 pay 1600/- rs as penalty for first 4 months. With out giving prior intimation 2 customer asking me 2 pay money. Even manager of shivam branch says its my mistake so i have 2 pay money. Mistake done by Sriram chits Agent without giving prior intimation 2 customer. How can i responsible 2 pay money. Even agent agrees mistake done by him in front of Manager Mr Nararayana . But manager supporting agent only. Pls do need full. I am Mahesh.Cont : [protected].
Sri ram chit fund coimbatore is a biggest cheating company, I bought 3 lakhs from sriram, now i am paying 5 lakhs from 36 months, still the amount is 3 lakhs, The big thing is 3.5 laks... Increasing and eating my hard earned money by sri ram peoples, Who found this company, first need to kill that person, Really i am suffering lot... Please as a friend i am saying.. DONT JOIN WITH THIS COMPANY PLEASE.. I CAN EVEN FALL IN YOUR LEG AND BEGGING.. Dont join really u will feel after...i am going to file a complaint in court...
Yes i agree with u it has proved that it was a one of cheating company.i having 150000 chit in bobbili branch (andhra pradesh).And i have already auctioned on 14/05/2011 for some urgent domestic problem.when that auctioned day there is no any bidders and i am only solo person for bidding. one lady who is tackle this she is working as a employer in that office and also i think she is an agent.she told that if u want to have an amount 26000 will be deducted in ur hole chit amount.due to my necessity i agree and some formalities had been made.for surity i was gave my salary slip(i am serving in C.R.P.F.) and my LIC POLICY.she told that the amount will be came after one month, but till date (02/08/2011) after completing 3 months there is neither money nor respond from that lady worker or BM.As nature of my service i can not consulting with them again and again.when my mother consult with them they told cock and bull stories.what i have to do they will respond immediately.
respected sir/ madam am swathi. we are submited all documents for taking loan and loan also issued for us . hear one problem is hapen that is who the person for giving surity signature we want to change that personto another person so is it possible are not because 4m last 2 weeks he was delaying, very urgent for us. one person who worked in sreeram chits, he told me 4 changing the application taking 1 mnth. is it ? please reply me as soon as posible my email id:

thank you

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    Shriram Chits, Hyderabad - Fraud in shriram chits