Kapil Chit Funds — complaint on kapil chits balanagar branch regarding auction of chit.

Address:

Plot no: 312&313,flat no:301, Anjaneyanagar x road, Moosapet, Hyderabad, Hyderabad, Andhra Pradesh, 500018

My association with kapil chits pvt ltd started 5 years ago from balanagar branch, extending subscription of different chits in kphb, secunderabad branches, without a single default/late payment/penalty of monthly subscriptions.

On 25/11/2019, monday @ 5.00p. M., i visited kapil chits balanagar branch to inform that i want to participate in auction of chit no. Fbnt16j-37 valuing rs.5, 00, 000/-.
I was shocked to know that the mentioned chit was auctioned on 27/03/2019 on my name for rs.4, 12, 000/-.

Till my visit to balanagar branch, i didn't have any information of the act. I neither instructed any one to participate in auction, nor did any signature for withdrawal/investment of auctioned amount., but the staff replied negligently that "the chit was auctioned by collection boy and when enquired to call the boy, said that he left the job after the auction continued arguing that the auction was accepted by us on intuition that the customer instructed to participate in auction”. The auction took place 9 months ago. I was annoyed and astonished by monitoring mechanism in your organisation which failed to enquire

• whether the auctioned amount is taken by the customer?
• whether any cheque was issued in the name of customer?
• whether the auctioned amount is invested internally by the customer in the form of fixed deposits or other investments?

If any of the above acts are performed, then where are the related documents in which customer's signature is obtained, which are to be filed and preserved?

The act clearly indicates negligence and recklessness on account of staff and at the same time on part of supervisory officials who failed to monitor the procedures, delivery or investment of auctioned amount.

I treat the act as misusing my funds unauthorisedly by kapil chits pvt ltd., and seriously object your improper monitoring mechanism of control over sourcing and usage of customer's funds.

With great disgrace and anger i appeal either to compensate the loss made by your staff on using my funds unauthorizedly, or cancel the earlier auction done and continue the chit till completion of term.

I am enclosing the paper shown to me on 25/11/2019 mentioning the details of auction performed on 27/03/2019.

Regards

N. Jayaprakash narayana
E mail : njprakash.[protected]@gmail.com