Fraud. Review on Reliance Capital Asset

Here is the exchange of mails with Reliance Mutual Fund

Customer Care. Read from the bottom one.....

There is one more mail which I had sent to them. I will

post that as a comment to this.

On

Wed, Feb 3, 2010 at 2:54 PM, RMF Customer Care wrote:

Dear Investor,

We thank you for writing to Reliance Mutual Fund.

With reference to your email dated 21/01/2010, regarding redemption proceeds for

the transaction date 05/01/2010, we understand your query and regret for the

delay in responding to your mail and wish to inform you that we have received

your request for change of bank details for the transaction date 05/01/2010 and

the same has been rejected in our records due to the reason "Old bank

details cheque not give" as per the new addendum with effect from 01 Dec

2009".

We wish to inform you that we have received your request for revalidation of

redemption warrant and change of bank details for the transaction date

25/01/2010 and the bank details has been updated in our records and as per your

request.

Further, we are in process of revalidating the redemption warrant and the

TAT(Turn Around Time) for the same is 7 working days. Once the warrant is

revalidated the same shall be dispatched to your registered address.

We thank you for your patience in the interim.

For any further information or assistance, please contact us on our 24 hours

Customer Service Centre 1800 300 11111 (toll free) or 3030 1111 (Non reliance

users need to prefix the local area code). You can also write to us at customer_care@reliancemutual.com .

We would be happy to assist you.

We value your investment and thank you for your trust in Reliance Mutual Fund.

Regards,

Mamatha

Customer Care

Reliance Mutual Fund

PS: You may avail our IVR services for Account Statement, last five

Transactions, latest NAV and Account Balance by contacting our Customer Service

Centre at 3030 1111 (Non reliance users need to prefix the local area code) or

Toll Free number 1800 300 11111.

You may also avail our IPIN (Internet Personal Identification Number) facility

to view and transact your investments online. Kindly download the IPIN

agreement form from our website reliancemutual.com .

-----Original Message-----

From: "S Kiran"

Received: 1/21/2010 10:05 AM

To: customer_care@reliancemutual.com

Subject: RE: A sagas of mutual fund redemption

Hi

I participated in Reliance Mutual Fund SIP during 2008-09, for 1 year. My account number was XXXXXXXXXXXXXXX. Recently, I submitted the application for redeeming the units. The application was submitted at Karvy, Wanowrie, Pune on the 1st of January. I submitted the redemption application for 4 other MFs that I was holding. At the time of submission, I was told that all the MFs would be processed on the coming Monday (4th January), with the NAV of 31st December, 2008.

I got the credit from 3 of fund houses on the 8th of this month, a very long delay. These credits were done through NEFT. I had an account with Citibank during the tenure of SIP and later closed this account. So, during redemption, I gave my HDFC Bank account number for crediting. The 3 fund houses complied promptly. The fourth one sent a cheque after a further delay on the 15th of this month.

Now coming to the story of Reliance, there was much further delay than the other ones! Will you bother to explain the reason for this delay? Secondly, as in the case of all others, I had given my HDFC Bank account number for crediting, along with a cancelled cheque. In spite of this, I was sent the redemption cheque on the 19th of this month, with the redemption dated 15th of this month! The cheque was in favor of my Citibank account. I submitted the redemption application on the 1st of this month. However, you chose to redeem it only of the 15th and for the wrong account! Will you bother to explain this extreme case of efficiency? Before you come up with the excuse of saying that Karvy submitted the application late, let me mention that I had submitted a total of 5 applications and 3 of them gave me credit by 8th of this month.

Thirdly, you ask for my bank details, including MICR Code and IFSC. Why do you need them when you want to send a cheque after all?