Webstone Educare & Infotech Pvt Ltd Complaints & Reviews
By: Sudhir Mahale
We are desperately in need of working capital loan for survival of our business. We approached many banks, Government schemes and financial institutes. They have not approved our application on eligibility of age criteria. Meanwhile I received a call from Mr. Saurabh Kapoor from Power Finance Company. (Mobile no: 08587921645 -. 9/3/18). He told that they are agents for assisting in getting business loan approved from “Pradhan Mantri Employment generation program (PMEGP). They give loan @4% interest and 35% subsidy.
We decided to go ahead and submitted the required form to him along with all KYC documents, for further processing of our loan of ₹ 15 Lacs. Additionally we also deposited ₹ 8500.00 as a CA’s fee for generating project report. I got a draft project report for my authorization. After submitting the same, I received a verification call from PMEGP no 09873768961. Soon I got a letter of approval from ‘Khadi & Village industry Commission” (KVIC). PMEGP disburse loan through KVIC. KVIC also asked me to deposit 10% of loan amount amounting to ₹ 1, 50,000/- (One lac 50 thousand) as a collateral. This I deposited in the account given to me by Mr. Kapoor.
Now the file was transferred to Bank of Baroda for transferring loan to my bank account. I received verification call from no 07289992768. I found this number was registered in name of Saurabh Kapoor. He told me that since Bank was overloaded with loan applications they have asked them to carry out verification call and forward the recorded conversation to their record. So his assistant done the verification and forwarded the recorded call to bank.
Further I received call from bank of Baroda head office no 09899850179. He conveyed that they will be depositing loan in my account within one hour but before that we have to deposit amount equivalent to six months installments (₹. 100750/-) in advance as a security deposit. This I refused saying that nowhere in world, banks have asked to deposit advance installments. They mailed a formal letter demanding the same. I told Mr. Kapoor that I will not be paying it as I don’t have any money, if it results in cancellation of our loan, it is ok with us and asked him to return my ₹ 1,58,500/-). I further discussed with him and asked him, why bank is asking me to deposit installments? How come you have not told me this? His reply was, since my verification call was not satisfactory, bank want to ensure person is capable of paying the debt. Then he reduced the bank’s demand to 4 months installments and then further 3 months. I also demanded receipts for the all transactions done so far. He mailed copy of his companies voucher book. I was not impressed and insisted for original receipt from KVIC or BOB. Where upon he said money is with him. It will be given to bank once all formalities are completed. In case of project cancellation, he will have to deposit with PMEGP and they will return to me. When they will return that I have to ask them. Henceforth don’t call me. Only PMEGP person will contact me and tell when I get my money back.
I filed a complaint with Mumbai Police -(Malad west police station) . They sat on it for 3 months and then told me that it is futile to investigate such cases. All phone numbers, names and bank accounts are registered using dummy people. They are very reluctant to process my complaint.