An Agency naming itself as “Shriram Finance Company” and saying it has tie-up with Royal Club (website address: www.royalclub.co.in) offered loan at 0% interest, using life insurance policy of Shriram Life insurance as security. I was made to take a life insurance policy having premium of Rs. 65,000/- and then additional security was asked in form of Membership of Royal Club costing Rs.24,999/- for processing of loan. I was made to take this membership by promising that the membership would be cancelled and total fees would be refunded within a month of loan disbursal. But the loan was not processed even after providing additional security and after repeated inquiry I was informed that additional security of Rs. 24,999/- was insufficient and I was being asked to take another membership of 24,999/- for same Royal Club based out of Delhi. Some Agency having tie-up with Royal club is playing fraud with customers who interested in taking loans. When I asked to cancel my membership and refund the fees paid, the request declined saying it cannot be revoked after passage of 15 days. No one is even giving contact details of any senior authority of Royal Club. I sense a big racket going on here. Please help me to get back the amount of Rs. 24,999/- paid as membership fees via HDFC bank account no. 644878. The address of Royal Club is wz-112, basement, Meenakshi Garden, Subhasnagar Metro Station, opp. Pillar no. 483, New Delhi-110018. I do not have the address of Agency naming itself as “Shriram Finance Company” but the phone number from which they were communicating were 011-30101284/85/87.

Refund of Membership Fees of Rs. 24,999/- and additionally Rs. 25000/- for harassing and cheating.

Complainant Information
name- dharmesh