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Mobikwik reinvested P2P lenders' money without their consent

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Sahil_07 said:
do you know what the other lending platforms are doing like 12% club etc
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yes sir, 12% club is by bharatPe which I mentioned. I am sure there are more lesser known ones. I usually stay far away from these. Either I put directly in stock market (MutualFund or stock) or just FD.
 
I would not put money in any of the P2P platforms unless I know that the startup facilitating it has HUGE WAR CHEST to fund withdrawals or backstop any NPAs.

And even then a tiny amount of allocation only. The risk is not worth for a 12% return. Folks can explore Equity Savings funds instead.
 
codenerd said:
Daaamn bro. Here I thought I am the only unlucky guy here with such massive investment on Mobikwik Xtra.
Feels better to not be on this boat alone.

So are you in panic mode or relaxed mode right now?
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A little anxious. But trying to remain calm.
 
Not seeing any changes with 12% club. They are still allowing withdrawals i did interest on 6th and got the money today. Daily interest getting accumulated. Not sure if i should withdraw miney from there or not
 
wuodland said:
mobikwk, bharatpe, all peas of the same pie sadly.
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you mean pod right ? or you meant all pieces from the same pie 🥧 ?
pie GIF
 
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Shinigami said:
Not seeing any changes with 12% club. They are still allowing withdrawals i did interest on 6th and got the money today. Daily interest getting accumulated. Not sure if i should withdraw miney from there or not
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Withdraw everything. don't do the same mistake as us (mobikwik investors).
 
doctorparadox said:
Excuse me guys, we are fked.

I followed the complete process, complained to Mobikwik, then their nodal officer and RBI Ombudsman afterwards. This is what the have replied to RBI Case.
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This is not Omubdsman's reply. So wait for that.
 
2.5L stuck now it seems!! but this is via 3 different accounts/people, so the impact is not that much. But this incident just proves how everyone in the end fucks up with the retail investor. BHNIs can bend the rules for their profits, and retailers are screwed over and over!
 
I will follow this mail hierarchy today only. Damn 36 months is brutal and illogical. As a new investor after 3rd september, they are just allowing it for 12 months lock in. If an investor invests with 12 month lock-in, how can they refund back to the investor with 36 month emi plan. This is stupid.

Plus even if you go and invest today, i dont think anywhere it shows that lockin period for repayment is 36 months. How on earth is this even legal. They are not disclosing repayment tenure and still allowing investment by new users. What crap. I think (and I hope) the person from Mobikwik who sent this email to you is high on weed or else either we are dead screwed/wait for miracle from RBI re-intervention.
doctorparadox said:
Excuse me guys, we are fked.

I followed the complete process, complained to Mobikwik, then their nodal officer and RBI Ombudsman afterwards. This is what the have replied to RBI Case.
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Zacobite said:
great... u will get ur money.. cheers
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Bro your kind words are the only hope. My main issue is i invested my 2 sister's money also with their consent. I feel guilty for them and if anything bad happens, I will def sell my investments and compensate them fully from my own pocket but still.. It is deadly as I will have lost my life's savings and I am a person who even spends 100rs from Axis ace card to get 1.5% cashback instead of wasting cash money to optimize spends! 🙂:hehe:
 
doctorparadox said:
Excuse me guys, we are fked.

I followed the complete process, complained to Mobikwik, then their nodal officer and RBI Ombudsman afterwards. This is what the have replied to RBI Case.
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In which plan have you invested your money? Flexi or Plus ? Because I too had invested 2 lakh in flexi plan, raised a complaint in Rbi Ombudsman, today got reply from the same email, but they have not mentioned about 36 months in their reply
 
Sahil_07 said:
In which plan have you invested your money? Flexi or Plus ? Because I too had invested 2 lakh in flexi plan, raised a complaint in Rbi Ombudsman, today got reply from the same email, but they have not mentioned about 36 months in their reply
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My 12.5L invested from 3 accounts in Flexi only.. Since more than a year..
 
Sahil_07 said:
In which plan have you invested your money? Flexi or Plus ? Because I too had invested 2 lakh in flexi plan, raised a complaint in Rbi Ombudsman, today got reply from the same email, but they have not mentioned about 36 months in their reply
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Bro pls share they reply you received here. We also need to be aware of all the variations in their reply.
 
codenerd said:
Bro your kind words are the only hope. My main issue is i invested my 2 sister's money also with their consent. I feel guilty for them and if anything bad happens, I will def sell my investments and compensate them fully from my own pocket but still.. It is deadly as I will have lost my life's savings and I am a person who even spends 100rs from Axis ace card to get 1.5% cashback instead of wasting cash money to optimize spends! 🙂:hehe:
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dont worry,you lose some money,only if the borrower defaults,but you should get majority of your investment along with high interest, so dont worry only negative point is about the time duration
 
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