Friday, January 27, 2017

PAYTM is the next SARADA SCAM-40 Crores already pocketed
January 27, 2017
Media Personnel & Reserve Bank of India, Cyber Compalints redressal cell – Agra, Uttar pradesh & Paytm customer care
Dear friends
Paytm emerged as the solution to the common man for making daily payments when the currency had gone out of circulation. The company used this opportunity to not just expand and proliferate, but to also make con schemes against the common man. They have breached the trust of the common man and I am exposing this SCAM.
The company is discreetly deducting money from the accounts of unsuspecting customers and pocketing it.
Not just this, they are even erasing the passbook statement in their app so that the customers can not reconcile or notice any change in balance. I would not have believed this until I became a victim of this SCAM myself
I loaded my Paytm wallet through my credit card on 14th jan 2017 with Rs 17000/-. The money disappeared from the wallet along with the passbook history of the wallet on the 22nd Jan 2017. Since then I have been calling their customer care number and their local office/ corporate office numbers but the issue is not not being resolved, rather, it is not even being looked at. I have made 3 complaints at their call center number (09643979797). The company commits to resolve the issue in 48 hours but just does not respond back. Their customer care only has an IVR (automated voice recorder), so any person facing any issue is not able to speak to any company representative.
After having such a harrowing experience with PAYTM, I started looking online to see if there are other people facing similar issues and what I found left me aghast. I found that there are over ONE LAKH complaints and similar issues of money disappearing from PayTM wallets across the country. I have listed a few websites below which have hundreds and thousands of complaints listed on them and surprisingly, our regulator, RBI (reserve Bank of India) is sleeping and waiting for another fraud to rock the country.
If you read through the complaints, you will notice that the amount in most complaints ranges from Rs 500 to Rs 8000/-. Considering an average complaint amount of Rs 4000/- the total fraud claims by customers on PAYTM as on date would be approximately 40 crores.
Following are just indicative websites where consumers are registering their compaklins because the company is not resolving these complaints… Why the regulator is not looking at these mass compalints is questionable.… – The link shows that PAYTM has over 10,000/- registered compalints from users on this one website – 100’s of complaints on this site…/cyber-crime-cell-l358777.html – 100’s of complaints on this site…/126030-paytm-fraud.html – 100’s of complaints on this site – 100’s of complaints lying open on this site…/pa…/article9432298.ece – The Hindu reported that company has not been addressing customer complaints and money is disappearing from wallets and no resolution is beng offered. Being backed by a Chinese company, the service provider is working like Chinese products.
Considering that there are numerous sites hosting consumer complaints and that PAYTM is being used by small and marginal vendors like cobblers, roadside hawkers, who would not even know where to complain in case of similar problems, It would be fair to assume that the company has over 1 lac compaints pending against it.
There are websites after websites listing complaints of PAYTM ,,, seriously why has RBI turned a blind eye towards it? I am listing several sites which are listing thousands of unresolved complaints of PAYTM. The company does not have any revenue model except discreetly deducting money from customer accounts and putting it in its own pocket. The company is working with bottom of the pyramid approach and deducting small sums of money from the wallets of lacs and crores of customers in the country. Such a company can only continue to operate and thrive in India because the regulators are sleeping.
Clearly its a fraud that company is running on millions of unsuspecting indians.
This is the next big scam.
RBI should cancel or atleast postpone its Payments Bank License.
Date of incidence in my wallet: 22nd jan 2017
Location : Hira Sweets, Indirapuram habitat center, Indirapuram, Ghaziabad 201010
The company should add back the amount to the wallet. My credit card has already been charged with Rs 17000/-
The regulators (RBI) and cyber cell of UP police is requested to take action against the company on such mass number of complaints
I have attached the copy of my credit card statement, the sms received from PAYTM showing that money has been transferred to the Wallet and also the passbook and present balance copy of Paytm wallet which reflect that the money was never transferred to the PAYtm account.
Siddharth Gupta
Consumer complaints and reviews about Paytm Mobile Solutions - Money disappeared from Paytm wallet. Paytm Mobile Solutions contact information…
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