shriram chits karnataka p ltdcheating prizedmoney

B Review updated:

i am subscriber to shri ram chts k p ltd.
i am prizewd bidder of 10 lac chits on 15.5.09. they have to payme
7.18 lalcs rs.
i have depsoited 6 lacs in their investment & asked them to pay balance 1.18 lacs by chq. till toaday they have not given me the bond or the chq. nobody in the office respond properly. the Div.manager
simply buying time. today he has said that i should waiat till they give or i can do whtever i want.

the head office in bangalore the ED mr ronald never available on phone or allow us to meet him

pls advise how i should move further

badrinath r -[protected]


  • C
      Oct 28, 2009

    shriram chits tamilnadu p ltd creating one sister concern called bilahari enterprises and give prize money with out any security more than 175 crores. chit company should not compel the subscriber to deposit the money with their own company or their sister concern. if they compel to do like that you may complaint with registrar of companies, SEBI and the registrar of chits karnataka. morethan that you may verify whether the company accepting deposit from you is authorized by RBI to collect deposit from public. you may complaint to RBI also. According to The Chit Fund Act the company should settle the prize money before the next action date. Otherwise the money due to the subscriber should deposit in a nationalized bank and it must inform to the registrar of chits. if any violation you may make complaint with registrar of chits. best to consult a lawyer or post the developments.

    0 Votes

Post your comment