| Address: | Karimnagar, Andhra Pradesh, 505001 |
Dear all,
I think and strongly believe that there is one more big scam/fraud waiting to happened like sharada scam in west bengal, many small, medium scale investors invested in the chit funds are suffering a lot which required immediate attention from authorities.
I would request please intervene and investigate about the fraudulent business practices kapil chit fund is doing, i have suffered lot with the same chit company and i have enquired about it there are so many poor people suffering every day.
My case:
I’m one of the victim of their fraud scheme. Brokers came to me several times and explained how chit works, they have said that every month you pay 25000 and you are going to get dividend so, you don’t really pay 25000 always it will be less than that, in the end you will receive 10 lakhs. This is how they lure people to join chit.
I have started my 1000, 000 (10 lakhs) 40 months chit in dec-2014, i paid till the end until march-2018.in the beginning of chit i was in need of money and i enquired about to bid and lift the chit after few months i joined but i had to quit because when i came to know about the painful, stringent documentation and surety procedures they have. I then decided to continue without bidding till the end as i was expected that ill get 10 lakhs here is the real hidden problem common man like me never realized until experienced personally, as soon as i paid all monthly installments cumulative amount was 858, 154 rupees, then i came to know that they will only pay 950, 000 (9.5 lakhs) after deduction of 5 commission it was big surprise for me, because the pamphlets/brochure they produced and explained nowhere it is shown they will deduct 5 commission.
I ask them and argued why did you guys called it 10 lakhs chit, you should have call it 9.5 lakhs chit they says no it is 10 lakhs chit but we will deduct 5 chit commission they never ever said before and after joining, this is how they mislead people and in the end they cheat.
I have paid for 40 months 858, 154, as per their statement they have shared with me they are going to pay only 942, 000 after gst cut. I have gained only 83, 846 rupees after 40 months.
The biggest problem to get our hard earned money back from them. As i explained my chit was closed end of march-2018 and i have received my payment 942, 000 rupees in august after several follow-ups and phone calls and rounds to branch office. Whenever i make a phone call or visit the branch they used to say next week, then again next week, then next week in the end they also promised me that they will pay me interest on delay of payment which they never did since now.
Best regards,
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