[Resolved]  Shriram Chit Funds — Fraud in chits

I have two chits currently running with Shriram Chits at Tiptur.
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 as they are not suppose to bid.
When asked for bidder details they try to manhandle me. They spoke very arrogantly.
The person who does all this is Ravi. He has full support from his manager. The manager is never found at office at all. They arrogantly told me to take back my money from the chit and they will cancel my name. When i said ok they denied and said that i will have to pay Rs.15000 for cancellation.
These people here are cheating us. Please do the needfull.

regards
Manish
[protected]
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Aug 14, 2020
Complaint marked as Resolved 
 
181 Comments

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Everyone is right.Shriram CHITs are NO.1 fraud and don't know where to complain and make them compliant to rules and regulation .Please don't put any chit in Shriram chits.Fraud No.1
we have invested more than one crore and got nothing. they never pay to investors rather create bogus documents for recovery and forge the signatures and swindle the investors money. they bribe chits officials and get the order for attachment from arbitrators and go to court and get the warrant.all your life you have to feel sorry for investing in the company and curse your luck rather stay away from shriram chits.
this is my experience
Pondicherry branch

I have joined in a Chit of value Rs 3, 00, 000/- (Chit gr/tt no. 4163/56008/18) recommended by Mr.Manivannan, and i have regularly paid the chit amount before due date for the past 26 months, but on 15.10.2013, Mrs Anitha contacted me over phone and appreciated me that i am good and valuable customer and i can avail the chit in this month auction, then again she called me and asked for the bid amount then i confirmed for 70000, then again on 09.11.2013 evening 7 pm she confirmed me that chit has been allotted for me and asked me to bring two govt surety and take a life insurance cover for 25, 000/-, i agreed for this and went with guarantors on 11.11.2013 and signed in the document on chit office and gave the cheque for insurance cover. and then she told that payment will be made before 09.12.2013. and after that she will deposit the insurance cover cheque.
But after this she called me on 29.11.2013 afternoon and asked me to come to the Pondicherry branch office. I went to the office at evening 6pm, she said that the chit has been allotted to branch manager Balamurugan's friend and we will allot the chit on next month, and she try to convince me that next month the value of the chit will come down, so that i will get an extra benefit of Rs 5000, then i asked how i can i believe that next month you will allot me, then she gave all the documents including filled forms like proposal form for chit security, and asked to bring the same on next month but i disagreed for this and came out.
Based on this chit i have promised my clients to pay their payment on or before 09.12.2013. As i am Civil Engineer cum contractor i have uneducated labors, i cant explain this situation to them for the payments. i have to make my payments otherwise the work will get delayed and my clients will be disappointed,
On hearing this from Mrs. Anitha and Balamurugan's statement, i am very much depressed because of this i am in great mental agony.
So I request to make my payment before 09.12.2013, otherwise i am under great pressure to take legal action
Note:
1. attaching scanned copy of documents
2. Mrs Anitha rang me more than 15 times to avail the chit, (even i have voice record in my phone for proof)

Regards
Senkadir AD
Customer Name-Raju K.S.P
Branch Name:- Mathikere and Indiranagar
Group Code-1950/80009
Ticket No-40
Complaints:- I am a Shriram Chit customer making my payments on time, I hold 3 chits, 1 Chit with Mathikere branch as mentioned above and 2 Chits from Indiranagar Branch.

Apparently due to medical urgency, I had to bid my Chit in the month of October which was on[protected] and had submitted all the required documents within 1 week, However as per policy and procedure prize money has to be provided within 45 days, Till date i am running to get my prize money.

I have approached Branch manager- Manju-[protected], Rajesh who is DM-[protected] and Nagaraj-[protected] who is public relations officer at head office Wilson Garden, I have found no positive response and no confirmation on the Money.

I have decided to proceed legally and approach Media to ensure how people are being misled and being cheated by investing in Shriram.

There is no escalation matrix and i am not sure how the Shriram leadership are taking this issue. I believe the leadership is not strong in running Shriram Group.
realy this company frauds like anything...such company's govt should cancel the licence...
i strongly suggest to cancel there licence...
plz somebody take the action against this company...
it is a good company with very very bad management. if you bid the chit, you will get payment after 3 or 4 months only. if you renew the deposit, it will be renewed after 15 to 20days only.so i have started withdrawing all chits and deposits.
HI, My name is Sudhakar from Tiruvallur,

I have two chit with tiruvallur Shiram chit ( cheat ) company branch & i bidden and taken it has been almost four months i have not got it the same.

Its really a cheating company
Just i got a call from [protected] he told me he was from Sri Ra Chits Company i gave him my account details and my ATM card details immediately he deduct 4800 from my account please help me take action on this issue
Am sudhakar .I have been the Shriram Chits customs for over 3yearsfrom adyar brach.is not proper responce anything they not called any auction they do own action.then give 50% seling to our clients i have put chit amount of 3 lakhs but they do seiling1 1/2 year .they gve 50% seling from my chit amount.then i ahve no letter from this company.unfortuanly am out of station with out my knowledge they put a cheque.after i get a conformation to bank is bounced then i asked sriram he said they no knowledge.then i gaive 40000 amount iw ill payed.I agree that the image of the company is either improved or spoiled by the manager or agent who is interacting. I am sure the management will contact me to know more details to improve the system so that the chit is being seen as a means for mutual benefit of co. and customer and the in between people are eliminated and end benefit passed on to customer.any sriram had r manager cll to him immtely give proper report to me.oyher o takde legal action ..

.
MY name is Srikanth and fronm Bangalore i have chit in Shiram my group no is 69012 of 5 lacs they are no refunding my money even after 4 months the manager Sarwojit and his DM prabhakar are thives they dont even pick the call this is afraud company and people working here are also fraud dont belive it. if i dont get the money i will have to sucide in front of their office
totally shriram chit fund company employees, owner and company is a fraud and cheaters. shriram company fully trained the employers as a fraud. employeers are interested to learn how to cheat the people and the customers. all the institutions they spend the money to learn. but here got the salary every month and to other the customers to learn.
Indeed a fraud company!!! I have been struggling to get my hard earned money back from Shriram Chits, Bangalore.
Indeed a Fraud company!!! They are making me run around for my own hard earned money! don't ever trust these fraudsters!!
SHRIRAM CHITS LTD ANDHRAPRADESH, EAST GODAVARI, SAMALKOT BRANCH -THEY ARE TRYING TO DEFAULT THE MEMBERS AND SWAALOW THE INSTALMENTS-THEY SERIOSLY COLLECT 3 INSTALMENTS AND COLECT THE AGENT COMMISSION WITH THE HELP OF BRANCH MANAGER.AFTER THAT REMAINING INSTALMENTS IRREGULARLY COLLECT AND SWAALOWED.NO AGENT GO FOR REGULAR COLLCTION.AFTER THAT LARGE AMOUNT PENDING SO YOUR MEMBERSHIP REMOVED.ITS A PRE PLANNED CHEATING CHIT BUSYNEES IN SHRIRAM CHITS.AFTER AUCTION YOU MUST GIVE TWO GOVT.EMPLYS SURITY OTHERWISE THEY ARE KEPT IN DEPOSIT FOR COMMISSSION.IF YOU GIVE EMPLYS SURITY THEY NEVER GO FOR HEAD OF DEPARTMENT ITS A ANOTHR PLAY.TOTALLY BRANCH MANAGER IS RINGMASTER TO MISLEAD CHEATING THE PUBLIC.BE AWARE OF SHRIRAM CHITS-PALIVELA SRINIVASA RAO.B.Sc.B.L.KAKINADA
Mr Giridhar & Sandeep,

I am Radhika Who is currently joined in the SRIRAM CHIT FUNDS PVT LTD.I have some clarification regarding this fund. Could anyone contact me regarding this.


Regards
Radhika
[protected]
Hello, i am planning to take a lone of Rs 10L based on my house documents in sri ram chit funds. Please let me know whether it is safe to take or not.. Please suggest me on the same.


Thanks/Regards,
Bharath.K
[protected]@gmail.com
Hi everyone

Never goto Shriram. The worst chit company ever. It looks beautiful in the beginning.after that, they do all the frauds...they cheat you...they manhandle you and they treat you like dogs...
it is not about payingmoney.they will kill you ifyoudontpaythemoney.but they never care about paying yourmoney...they ask you to beg for your money...

trust me.
they have a butcher's attitude.
take care and save your money elsewhere.

ravi
Well...there is no need to say anything anymore about SHRIRAMCHITS. Everything about SHRIRAMCHITS is fraudulant. You will treated like a DOG.
None of them including the AGM has any responsibility. Their only job is to cut your heads. Do not ever ask SHRIRAM CHITS for money.They will not sleep till they have taken all your money back. Do not ask SHRIRAM CHITS for Interest for your money. It is end of your life.

If you want to commit suicide, please go to SHRIRAM CHITS.
Reading every complaint, we still go to this fraudulant company. It is our fate. GO AND DIE IN SHRIRAM CHITS.
SHRIRAM CHITS...
the worst chit company ever.
Ask them for your account statement...the staff, the manager, the AGM and the GM, will make you cry.
Ask them for your chit amount, you will leave your family and beg in front of their company...
Everyone will say, contact the manager...and the manager never has any time for you...and the GM will send you back to manager...andthe story never ends...
You are dead.

because SHRIRAM CHITS is not a corporate company..itis a BUTCHER SHOP.

and you are a goat.

Happy Cheating with SHRIRAM CHITTING.
SHRIRAM CHITS. There is this manager in SHRIRAM CHITS, SAIBABA COLONY. He is Mr.DEVARAJ (read BUTCHER). he asks you for commission. if you understand and pay him commission, you are alive. Or else, MR.DEVARAJ HAS HIS KNIFE SHARPENED AND WILL CUT YOUR TONGUE FORST.
You complain this to anyone in SHRIRAM..CHITS. No one cares. No one believes you.
No one helps you.

You are a DEAD MEAT FOR SHRIRAM CHITS...THE CHEATERS.

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