Shriram Chits Complaints & Reviews

I have 1 chit running . The local manager under the pretext of default purposefully removed my membership. He and his associate always refused to accept subscription by crossed cheque. Many times fail to issue cash receipt. On argument always tried to buck the questions and non traceable.After discontinuing my membership on 02/09/2010 not paid my amount till date. I tried to pursue with all concern but till date I have not got any relief. Suggestl what shall I do?

SUB : SERVICE TAX /ABNORMAL VERIFICATION CHARGES
CHIT NO 4040/65411/21 AMOUNT INR 5,00,000/- at ANNA NAGAR I SCT


I have joined in the above chits on 30.06.2008 and paid the chit amount and Admission charges INR 1500/-


Up to the Auction date I have paid all my Subscriptions as per your intimation letter After struggling with your agent , I got the chit on 03.07.2010 (27th auction) auction amount INR 42800/- for my balance due amount INR 1,62,500 I have given the LIEN immediately ( chit no 4380/67002/43.)


After several reminders to your Anna Nagar Branch Manager I got the cheque INR 440203 only on 24.07.2010 after deductions as below

1. Subscription INR 12922 We want the details

2. Verification charges INR 1500 (no proper receipt)

For checking your records, you are charging INR 1500 which is too high. At the time of joining the chit or at the time of bidding you have not informed me about the verification charges

3. Service tax INR 2575 (no proper receipt)

At the time of joining the chit or at the time of bidding you have not informed me about the TAX.
Please advise me how you arrived this amount .To whom you will pay this tax. If paid to government give me the bank challan or form 16A .I also want the notification copy.

You are giving the priority and the support to your agents only and not for the subscribers like me. There is no proper response or answer in your branch. And you are not giving the proper receipt also. Kindly clarify and answer all the above questions immediately.

am V.Koteswarrao, a middle class person having one chit running with sriramchit at Kukatpally branch, Hyderabad. I have fixed deposit in same branch my fixed depost duriation 1 year [protected] to[protected]. after due date branch pepole not intimated and not process the further . i goes to sriram chits office that persons telling sir ur fixed deposit amount getting next week here already complete my due date . Kindly take action and pl charge the intrest.

These persons here are cheating the public. Please do the needfull

regards
koteswarraO
[protected]
CHIT NO.JRT/14/3 KUKATPALLY BRANCH

I HAVE PUT AN CHIT IN SRIRAM CHITS THE ACTION HAS BEEN COMPLETED ON APRIL-11TH

BUT STILL I DIDNOT GET THE CHEQUE FOR THE AMOUNT Rs.80000
THEY NOT RESPONDING

I HAVE TAKEN THE CHIT FOR URGENT PURPOSE. I SUFFERED MORE
BY MENTALLY BECAUSE OF NOT ABLE TO GIVE THE AMOUNT.
I AM PAYING INTEREST FOR THAT.BORROWED AMOUNT.

CHIT DETAILS.

[protected] RAMANATHAPURAM BRANCH

MY NAME : D,JAMES
ADDRESS:
12 AKG NAGAR 3RD STREET
MASAKALIPALAYAM
UPPLIPALAYAM PO
COIMBATORE 641015
PHONE NO:[protected]

dear sir

My name ids B murali sudhakar,officer,canarbank,muralinagar br,vishakhapatnam and i have opened a chit for rs 50000/- in your mvp colony br,vishakhapatnam,andhra pradesh with vide no vmlv 10/42 on 26/07/2009.From the the 1 st date i have contacted the your mvp colony br several times about the notice/intimation about the monthly payment over phone including the manager and accountant also. . But till date i dont no about the chit and how much i have to pay every month, Every month your agent is coming around 26 th and taking the cheque from me.

So kindly arrage a notice/intimation as i know about the monthly payment for the future period.( as 12 months have already over.)

b m sudhakar
ph [protected]

HI THIS IS PRASHANTH AND MY COMPLAIN IS ABOUT M/S SRIRAMCHITS I HAVE SUBSCRIBED TO ON OF THE 5 LACS CHIT IN HIMAYATHNAGAR , HYDERABAD BRANCH AND WAS AWARDED THE CHIT IN SOME 11TH MONTH AND AFTER SUBMITTING THE SHURITYS WAS TOLD THAT SUHRIETYS ARE NOT ENFOUGH AND WAS TOLD THAT WE COULD NOT MAKE THE PAYMNET BASED ON THAT ABD AFTER 1 MONTH SRIRAM AGENT AND HIS MANAGER HAS APROCHED ME SAYING THAT THEY WILL CONVERT MY BID AMOUNT TO FDS AND WILL REFUND THE AMOUNT AFTER THE COMPLAINT OF MY CHIT BUT THEY HAVE CONVERTED MY 1LAC FD TO INSURANCE BOND AND 2 LACS INTO FDS AND REFUNDED MY 2 LACS AFTER 2YEARS AND RENAMING 1 LAC THEY HAVE CONVERTED INTO INSURANCE BOND THEY HAVE REFUNDED ONLY 30K SAYING THAT THE VALUE OF 1 LAC AFTER 3 YEARS HAS REDUCED TO SO MUCH WHEN I WENT TO CONTACT THE BRANCH SIMILAR TYPE OF PERSONS WHERE STANDING THEIR AND COMPLAINING TO THE MANAGER AND HE WAS REPEATEDLY SAYING THAT WE HAVE SIGNED THE PAPER TO TRANSFER 1 LACK AMOUNT FROM OUR ACCOUNT TO SRIRAM LIFE ACCOUNT NOW IF IT IS SO HOW CAN COMPANY TRANSFER SUCH A BIG AMOUNT TO THEIR GROUP COMPANY WITH SIMPLE LETTER WITH OUT EVEN REVENUE STAMP

THIS IS NOT A CHEATING THIS IS MAJOR SCAM WHEIR THESE COMPANY'S ARE LOOTING THE POOR INVESTORS MONEY AND FILLING THEIR COFFINS AND GOVERNMENT DOES NOT HAVE ANY MECHANISM TO SOLVE OR HIGH LITE THE ISSUES

Dear Sir,

I Ch.R.K Raju working as a retail oparational manager in Kuwait Landmark group. I have a chit in Vizianagaram Shri ram chits with my wife name Chintalapati venkata durga. we ahve a chit of 500000 chit. We called the chit last month. what ever the securty they asked we produced on time.But stll they are delayed my check. So are harrasing my wife mentally and physically. So please kindly look in to this matter and do the nedful at the erliast.


Raju Kuwait Tel no[protected]

India[protected]

Dear Sir,
My friend had took some money from Shriram chits,Andhra Pradesh and I had put my plot (300 sq yards) for surety(mortagage) for his loan,the Shriram chits took my original plot registration documents..At that time my plot is clear.My friend took 10 yrs to repay the loan amount to Shriram chits.Now Shriram chits returned my original plot documents,but the plot is now grabbed by someone and they built a 2 small huts in that.Can I lodge a complaint on Shriram chits for not protecting by plot all these days as they held my original plot documents,In the mean time I was unable to built a house in that plot as the documents were with Shriram chits.
So please give me help in this matter.

Dear All,

Shriram chits is not doing a good business now a days. At the time of investing the chit procedure is very simple but at the time of auction and to issue cheque there are numerous problem. i invested four chit in this company and the complaints are below as follows.

Entering Procedure: You can invest in any name with out any id proof or without any salary certificate. only the chit amount + registration fees rs.300 will be added. they will not check about your eligibility and they will not give any details about the auction procedures.

Monthly installment:

The notice letter will not come to you regularly. And then will charge for the late payment.

At the time of Auction:

At the time of auction they will call theire agent to make the auction to high value. if the agent request they make it low auction.

Payment Procedure:

After the auction if you taken the amount theywill give the documents to sighn.theire request documents are given below.

1. 4 salary certificate(1chit holder salary certificate+ 2 government pay certificate + 1 private pay certificate)

2. 4 Ration card Xerox Copy(1 chit holder and 3 witness)

3. 4 ID Prood(1 chit holder and 3 witness)

4. Company ID proof for the above 4 persons

5. salary certificate must be sealed

6. last 3 months bank statment for the above 4 persons

7. If you provide the above documents also they will ask for one month time to issue a cheque. after completing one month they will say theire manager is out of station. and after one month only you will recive the cheque. so dont keep commitments on the shriram cheque.

THINK THAT WHETHER WE APPLY FOR THE GROUP LOAN OR WE TAKING THE CHIT AMOUNT.

THINK THAT AND INVEST IN THE CHIT

Every month i was suppose to pay one month emi amount of Rs 1826.But this month they had mis used my cheque and presented twice a month..More over cheques i had given was clearly mentioned with the dates and month accurately,even though i dont no how they had presented two cheques with different months in a same month..To clarify that i had called up for that issuing branch but no one had responded my call,first of all no one ready to hear wat is the issue araised by me.I was really fed up with this..Am not the multi millionare,often to get a loan of 25000 rs..Pls help me in getting this solved asap..To their notice am the reputed customer for them in past 3 years..

I have availed a personal loan of Rs.1 lac from Shriram Chit Company in 2008. In order to close this loan amount, I requested them to release the chit fund and adjust the same against the above referred loan. Now they are purposely delaying the matter. My funds are lying with them without bearing any interest whereas they charge interest @ 21% per annum. After sometime, they will send me legal notice to settle the personal loan. I repeatedly requested them to adjust all the amount due to me against the loan but they do not bother to listen to me.

Bidding process is fraud. they are increasing the bids without any bid to give good subscrition amount to ohers . ( poor bidder is bidding paying high amount. )

I have not bid & not participated but forciblily auctioning on me. I have not recd the amount till 09.12.09 supposed to receive by 11.11.09.

pl let me know under whom ( govt dept ) chits are monitored.

I had enrolled in shriram chits in 2005 due to my fathers relationship with the branch in Sirkazhi & had 2 nos of 3 lakh chits.Although the chits were under my name My father who was managing the chits passed away & I had to take an assignment in Dubai.
I had paid all the installment & both the chits matured & I got the whole amount which is total of 4.2 lakhs except for the last cheque which is more than a lakh of rupees.
I started doing the follow ups with the salesman Mr Ramachandran in sirkazhi brancjh & he says that has put in FD but i dont have the FD receipt. Now he is not picking the line. I dont understand as why without my consent he has opened an FD & hOW IT IS POSSIBLE...His number si[protected].

Please help

Rds

Jagan

I am having three chits with SRIRAM chits in Bangalore. They never settle the bid amount and try to
convert it into FD in their group companies.

Recently I bid the third chit and I need money desperately. They are not settling the amount, 1 lakh till date i.e even after two months.

Their mangers and senior managers never attend customer calls and if you meet they give false promises.

This is a number one bogus company and I warn all fellow citizens not to deal with them.

We can not succedd in any legal forum against them as Sriram chits is ver influential.

The only way is to spread the message to public and never to business with them.

My no.: [protected].










y

We have paid two tickets worth of Rs.28,000 ( Rs.14000/- each) as first/initial chit amount, towards Rs.5 Lakhs chit from Shriram Chits, Chromepet, Chennai-44, on April'09. Till date they have nerver called for any biding, when asked they are not responding properly and dodging. When requested to return the money they are not obliging or not paying any simple interest for the sum locked with them. We dont know what to do?

Dear Sir,

Kindly read the below complaint mail against Shriram Chits,Chennai, which is forwarded from my side.

Please help.

Thanks and Regards,
J A Ganesh
Chennai
[protected]

[protected][protected][protected][protected][protected]------


Dear Sir,

My loan no : ISHICDAR215338/08

Please note down the following points:

1. Last year I bought the Samsung LCD tv through loan Anna nagar branch (Sri Ram). So far I did not receive any single letter or statement from your side regarding loan installment details or loan amount due.
2. You don’t have the courtesy to call your customer after documentation is through. Why you don’t have the basic procedure for sending welcoming letter to your customer.
3. This is to inform you that I am planning to close my existing bank account i.e M/s. Kotak Mahindra bank.
4. Because of that, Today i.e (05/10/2009) I called your Pillai Road, T.Nagar, Zonal office, Chennai. One lady attended my call and I requested them not to present the ECS cheque, dated 07/10/2009 into bank. I am going to settle my entire amount. But that lady refused and she asked me to talk to Mr.Ravi Kumar of the same branch.
5. After .30 min again I called Mr.Ravi Kumar, but the same lady answered my call, and this time she was told me that she has holded my cheque.
6. After that she was telling me that I have to come handover installment money within one hour. Again I requested her within one hour its not possible, I will come & pay the amount by tomorrow, anyway I am going to settle my entire loan amount. Again she refused and transferred the call to Mr.Ravi Kumar.
7. Mr.Ravi Kumar is great man, first he do not know how to talk to customer, he spoke to me very rudely and did not allow me to explain my side clearly and also said that he will take legal action.
8. Despite of my continuous request he said firmly that he will produce my cheque dtd 7/10, and further take legal action, if payment is not received.
9. If at all we want to cheat you why would we particularly call your branch and intimate you regarding the cheque holding.

As per rules you want the payment by 7th of every month. But I requested 2 days in advance. When I am ready for full settlement ,your employee spoke to me very rudely.

I AM ALSO READY FOR ANY LEGAL ACTION. HEREAFTER I WILL ALSO MOVE LEGALLY.

J A GANESH
AMBATTUR
CHENNAI
[protected]

I had taken a Chit of Rs. 5 Lakhs on 10.08.09 and submitted all the documents on 28.08.09 at Shriram Chits, Nanganallur, Chennai-61. Even after 28 days, they hv not paid the auctioned money of Rs. 3 Lakhs till today (24.09.09). Inspite of repeated visits to Branch and phone calls, Mr. Ashok, Manager and other staff are delaying the payment without any reason. I hv not expected such a lethargic attitude from a reputed company like Shriram chits.

My chit reference from the Madanapalle Branch No.MPKM 4/07 for Rs.100000/-
1)On 20.05.09 I have auctioned my chit and came out the aution room, but there was no clear cut instructions from their staff - in the room one of the employee told 3 government enployees surity with their salary certificates.
2)Before on 20.05.09 Once I discussed with Madanapalle Branch Manager regarding surities-stating that private companies are also eligible by showned the evidence which was allowed by the same company's Putter Branch but he was concentrated only on Government Employees only and not accepted and demanded the same. And also he was not disclosed the alternative surities as per the agreement signed by me.
3)At the first stage I have produced all the documents as per instruction printed in the Surity/Security Proposal Form sent on 24.06.09 which was received by them on 26.06.09.
4)On reply to my above letter, they have replied a letter dated 27.06.09, in that letter also they have concentrated only on Government Surities only but they have not mentioned about the alternative surities.
5)On reply to their letter dt.27.06.09, I have replied with all supporting documents, letter dated 07.07.09 by Registered Post.
6)Arround 15.07.09 when I met in their office, they told that, they require another two year Income tax Assessment Orders. They have not telephoned as soon as they received my letter dated 07.07.09.
7)After this, before end of 31st July, 2009 I went to their office twice to discuss this matter with the Branch Manager-Mr.Dhananjaya Reddy and waited more than one hour but he was turned up to the office.(One they have asked me to come to their office before office ours/next time I telephoned and went to their office).
8)Till today they have not yet settled my matter (not issued my cheque). Please go through in this matter and do the needful.
9)Since from the beginning of the Madanapalle Branch relationship (2007) for the collection of the chit amounts, their collection boys - Mr.Raju and Chinna Reddeppa not responded. Almost all the times I went to their office for paying chit amounts. Along with this I am regularly paying my Puttur Branch Chit amounts also.
10)Lastly today also I telephoned to their office but no use.
11)Till today their people are not gone for my surities enquiry. When they are going to release my money I don't know.


Please do the needul

Thanking you
Yours faithfully
D. Srinivasa Rao
Accounts Manager
Madanapalle Spinning Mills Limited
Chinnatippasamudram
Madanapalle Mandalam
Chittoor District
pin:517326
cell:[protected]

Hi

I had subscribed for and 5Lac chit of 50 months in the month of march and started to pay the subscription from April 2009 vide cheques, at the time of subscription i was told that the chit is in its second month march was foremen's bid and april is public bid, i had to pay 20 thousand a per his details including march and april sibscritpion, i said i cannot afford to pay 20 thousand in single month, he gave me an option saying that as the 10 thousand payed in april will go to april's account and the march installment can be paid in the consecutive months (i.e if i pay 10 thousand for next 3 months, they will take the dividend and adjust for the balance) where i will not be charged any sort of intrest o penalties.

Agreed to his condition we gave him the first cheque on march 31st dated April 18th 2009, for the april installment, and also payed 10 thousand in May 2009 & June 2009.

As we had not received any sort of pass book or dividend details etc, we went to the branch to enquire about the same, as per the discussion our balance should have been only 3-4 thousand, but we got a shocking news saying we have yet to pay 24 thousand.

when enquired why, the person in the branch told that the chit is in its 6th months, and we started only on the 4th month and we were charged intrest on the non payed amount.

if not payed within 40 days we would go into defaulter, when asked the person who took our subscription he said he is the manager of the branch, he will revert, but the condition is that we have to clear all the back log in 2 installments.

we said our financial condition does not permits to do so, as discussed i can pay only 10k every month till the backlog is cleared, he said we will go to defaulter list, when we asked to cancel the subscription and also we gave an written request on the branch, he is saying that he will not cancel the chit.

we are lost and we dont know what to be done

KINDLY HELP US.

dear sir m kiran kumar ab, i purchesd a consumer prroduct through sriram city union finance ltd, in 2005 i supposud to pay 8 emi, in that 2 cheque got bounced, due to non payment, after that i went to on of sriram chits n payed 2 months dues by cash n got recipt, n my loan was cleared n i got ( noc) certificate frm sriram chits, on nov15, 2007.., now again they sent summons to me dated 24/07/2009, that i have to attend to addl chief metropolitian magistrate on 10/08/2009, becoz of remaining dues...

dear sir, i have all the document, 2 month recipt, 6 emi recived by sriram chits through my bank acc, noc provided by sriram chits, so what i hav to do now m waitinf for u sir...