Kapil Chit Funds — false promises & deficiency in services with the delayed payments.

Dhanamjaya Rao

from Visakhapatnam, Andhra Pradesh

Address:	Hyderabad, Telangana
Website:	www.consumercomplaints.in

Sir, we are holding a chit no. Fht11g-31 opened with kapil chits at abids branch, hyderabad, running for 50 months with rs.4000/- per month, commencing from 03/2015.
At the time of opening the chit, the manager promised to arrange the payment within 7 days time from the date of auction, if no collateral security is involved.
In view o[censored]rgent need of the amount, we have participated in bidding on 30.11.2018 and won for the loss. We also complied the relative documentation on 11.12.2018. Since then, inspite of our continuous follow up and reminders, neither the manager nor the staff is responding to our request for payment of the chit amount. I am utterly disappointed since the purpose for auctioning the chit is not serving with the much delay tactics played by the company people. Under the circumstances, we are left with no option but to complaint for early payment of the chit amount.

Regards,

Dhanamjaya rao, husband of mrs p. Anuradha, chit holder.

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Kapil Chit Funds customer support has been notified about the posted complaint.

Jan 11, 2019

Updated by Dhanamjaya Rao Complaint no.2185634. No response is received yet from Kapil Chit Funds. Please advise me if I need to approach Consumer Forum. I doubt this will be a case of AGRI GOLD for TELANGANA. The Regulator Registrar of Chits should interfere and investigate KAPIL CHITS for its inability to pay the amounts on time. There shall be some diversion of funds violating the Chit Fund Rules. I would like to know the status of my complaint.

P. Dhanamjaya Rao.

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Comments

ananthachary8

from Bengaluru, Karnataka

I lifted my 5 lakh chit in month of October and I am yet to receive my chit amount. While entering the chit.. I was told that I will receive the amount in 15 days.. and now it moved to 30 days and 45 again.
I kept calling the manager or the chit collection agent, but they were least bothered to answer my call. I would recommend ppl not to join.

Dhanamjaya Rao's [Complaint's author] reply, Jan 17, 2019

Mr Ananthachary, I am also a victim of Kapil Chits. The chit amount is just Rs.2.00 lacks and hope KAPIL Chits is not in a position to pay even a small amount. Hence I am moving the Consumer Forum besides writing to the Regulator body for Chit Fund Company for conducting a thorough investigation for the reasons of defaulting the payments to the customers. The Regulator Body should awake and be alert to ensure that KAPIL CHITS should not become a case of AGRI GOLD For Telengana. Suggest you too to move the consumer forum besides demanding the Registrar of Chits for thorough investigation. A movement shall come from all the KAPIL CHITS VICTIMS, by filing complaints into the Dist. Consumer Forum from all the corners.