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Shri Ram Chits is a Fraud, Alleges DYFI

Shri Ram Chits is a Fraud, Alleges DYFI

Mangalore Today News Network

Mangalore, nov 9: The DYFI staged an agitation today in front of Shri Ram Chits Pvt Ltd, located in Crystal Arcade in Balmatta and protested vehemently against the company’s fraudulent ways of conducting business. 

Sunil Bajal spoke to press people and said that the DYFI has received several complaints from aggrieved customers that the company is cheating them. Mr. Bajal alleged that the company especially targets young people. 


Recently, a customer who had taken a vehicle loan from Shri Ram Chits complained to the DYFI about the company’s poor service and fraudulent ways. The customer had taken a loan on 14 percent interest in order to purchase a two wheeler; and he was supposed to return it in 24 installments. The customer duly repaid 15 installments and then decided to repay the rest of the loan at once. But the company told him that he had to pay the remaining amount with 14 percent interest, which was not only highly irregular, but also unnecessary. According to the laws regarding repayment of loans, the customer could repay the rest of the loan with 3 percent interest, but the company refused to receive it. 

Mr. Bajal said that fighting injustice is part of the DYFI agenda, which is why it had decided to stage this protest. He alleged that Shri Ram Chits has been cheating customers from a long time, getting them deeper and deeper into debt and forcing them to repay installments at high percentage of interest. Mr. Bajal said that the DYFI has come to the rescue of unhappy customers who have no one to listen to them. The Mangalore branch of Shri Ram Chits does not even have a manager to pay attention to customer woes. He alleged that the foreman of the company does not care for the welfare of its customers. 

He said that the DYFI would strongly oppose SRC and will not hesitate to approach the consumer court to settle the cases of fraud against it. The DYFI, said Mr. Bajal, is ready to lodge a complaint against the company and see that the justice is granted to the customers who have suffered at its hands.

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