How Reliance Nippon Life AKA Reliance Capital AKA RelianceADA Group Did A nationwide Scam In The Name Of Mutual Funds & Insurance Policy
Reliance Has Always Been In Limelight due to its malpractice, frauds and scams
Meaning of Reliance is Trust, But reliance in India has always been a synonym of fraud, cheating, scams.
This article will present a nationwide scam done by Reliance Capital, Reliance ADA Group & Reliance Nippon Life Insurance
In The year 2007 Reliance Capital now known as reliance nippon life insurance started with a nation wide scam of defrauding the customers. Reliance capital a company of Anil Dhirubhai Ambani or Simply Anil Ambani floated a mutual fund scheme where the customers only had to invest 12000 INR per year and were promised huge returns.
Reliance floated the scheme on pan India basis and booked multiple mutual funds, how the scheme took the shape of a nationwide scam will be explained in the customers own words.
We are presenting the real story of the customer in his own words.
I paid 12000 INR to reliance insurance in September 2007 to take a life insurance policy. I have made several written and verbal complaints to reliance Insurance from october 2007 that I had not received my policy documents from 2007 till 2011 but I never received any policy documents from their side till date. Policy number 10968513
In the month of August 2017, I received a cheque of 2552 INR along with a letter that my policy has been lapsed due to non payment of the premium and they have paid me a foreclosure amount of 2552 INR.
Now there are multiple things which needs to be clarified and I have written almost 10-15 emails to reliance in the last one month and they are not responding to my specific questions and are simply repeating the same things again and again, which is nothing but a simple copy and paste answer.
Their email says that my policy has been lapsed due to non payment of the premium amount and they have sent me a cheque of 2500 INR which is my foreclosure charges.
Now the questions that arrive or come to my mind are-
1. How many written complaints I have made to reliance since September 2007, I have all the proofs of my complaints that I have made to their offices as well as on my emails.
2. What actions were taken on those complaints and why the policy bond papers were not sent even after several repeated reminders.
3. If the customer is not receiving the bond papers even after 10-15 written reminders, who is at fault?
4. They say that the policy has lapsed, my question is why policy has lapsed, why the bond papers were not delivered to me even after so many written reminders.
5. On what basis reliance expect me to make further payments, even without getting any documents.
6. What action was taken when I made my last complaint in 2011.
7. Who is to be held responsible when the insurance company do not provide any bond or document and after few years says that your policy has lapsed?
When we investigated this matter further we came to know that there are many other complaints posted on various portals on Internet from many other policy buyers similar to complaint and this turns out of be a massive scam.
Reliance has always been involved in illegal practice for cheating and fraud with innocent citizens of India. Anil Ambani badly failed to gain and trust of his customers in order to make quick money and lost all his entire fortune.
It seems that this was a mal practice to take the money from the users and never provide them any bond so that users forgets the money and after several years, they say that your premium was not paid on time and hence you do not deserve the money back and all this money goes in the black money of reliance industries.
The buyer also made a complaint to IRDA in 2015 via Complaint IRDA Token Number : 11-15-015666 but no action was taken.
