Mobikwik reinvested P2P lenders' money without their consent

[codenerd]

Just a quick question:
I am done with twitter bashing. Will start with emails from today. Shall I follow this escalation matrix:

Mobikwik Xtra --> Mobikwik Nodal Officer --> RBI Ombudsman

OR

Directly email Nodal

OR

Directly email RBI

Emails:
xtra@mobikwik.com
nodal@mobikwik.com

For RBI --> Direct complaint on their portal. (No direct email i guess)

 

[Sahil_07]

Bro pls share they reply you received here. We also need to be aware of all the variations in their reply.

almost the same,they have just omitted the last two lines

 

[codenerd]

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

Worst case I was still fine with 12 months. Worstttt case..
36 months timeline was not even in my worst case scenario but recently my CA friend read these rules somewhere about P2P and he told me that these shitty companies can stretch repayment upto max 36 months.

 

[Sahil_07]

but I think everyone should make a complaint before 12th sept in rbi ombudsman before mobikwik brings their new terms and conditions.

 

[codenerd]

but I think everyone should make a complaint before 12th sept in rbi ombudsman before mobikwik brings their new terms and conditions.

What was the escalation matrix that you followed bro?

 

[R!TTER]

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.

Nothing will happen till some MP/MLA or Babus get involved, even then most low "priority" retial investors will be at the bottom of the pile!

only negative point is about the time duration

Only? What if someone needs that in an emergency? I've seen enough people die due to lack of funds/not getting proper treatment/hypertension in such cases that it's not even worth it any more!

 

[Sahil_07]

What was the escalation matrix that you followed bro?

firstly send a email to this xtra@mobikwik.com, wait for their reply, and give a counter reply. Take 3 ss, your mail,their reply,your counter reply then go to rbi ombusman,you need to provide these 3 ss, and complete the process

 

[doctorparadox]

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

I have invested 30lac with 3 different accounts and it was all in flexi, what reply did you get for the ombudsman complaint?

What are the timelines of Ombudsman reply? I'm actually losing hope. I though of parking my money for some time here and this happened.

Can anyone get contacts of COO or Nodal Officer of Mobikwik, i can ask some local MP/MLA office to call them directly.

For everyone who is wondering process of RBI Complaint, Raise a complaint at xtra@mobikwik.com, they will provide generic reply within hours, reply them again and they will again do the same. You will have 3 email threads now and with this you can complain to RBI Ombudsman.

 

[087sandy087]

Just a quick question:
I am done with twitter bashing. Will start with emails from today. Shall I follow this escalation matrix:

Mobikwik Xtra --> Mobikwik Nodal Officer --> RBI Ombudsman

OR

Directly email Nodal

OR

Directly email RBI

Emails:
xtra@mobikwik.com
nodal@mobikwik.com

For RBI --> Direct complaint on their portal. (No direct email i guess)

sobo3-dfs@nic.in

Please mail to above , RBI Circular issued by this person

 

[087sandy087]

Just a quick question:
I am done with twitter bashing. Will start with emails from today. Shall I follow this escalation matrix:

Mobikwik Xtra --> Mobikwik Nodal Officer --> RBI Ombudsman

OR

Directly email Nodal

OR

Directly email RBI

Emails:
xtra@mobikwik.com
nodal@mobikwik.com

For RBI --> Direct complaint on their portal. (No direct email i guess)

Dear Sir,

I hope this message finds you well. I would like to bring your kind attention to an important issue stemming from the recent RBI Circular dated August 16, 2024 (attached for your reference), concerning "All Non-Banking Financial Company – Peer to Peer Lending Platforms" . As per the circular, Transactree Technologies Private Limited (LendBox) partnered with Mobikwik Xtra halted withdrawals and modified the Terms & Conditions (T&Cs) without obtaining the consent of the investors and investments are being mapped further to borrowers.

I chose to invest in the Mobikwik Xtra plan because this entity "Transactree Technologies Private Limited" (LendBox), was registered as an NBFC by the RBI (supporting documents attached). Additionally, the Mobikwik Xtra flexi plan was promoted by Mobikwik, a well-established and trusted entity in the market, offering withdrawal and liquidity options at any time.

However, I am deeply concerned that after RBI circular withdrawals have suddenly been suspended, and the T&Cs have been altered without any prior notification. This is completely contractual violation by P2P platforms. This abrupt change has caused significant distress to small retail investors like myself, who are now struggling to retrieve our hard-earned money.

I urge you to instruct the RBI to issue a directive requiring P2P entities to return the funds of existing investors promptly, and to ensure that new investors are involved only with their explicit consent. Many small investors have been affected as the P2P platform has grown to ₹7000cr-₹8000cr. I trust this matter will be taken seriously for the sake of small retail investors.

I am hopeful that swift action from your end will help innocent small retail investors.

 

[Sahil_07]

I have invested 30lac with 3 different accounts and it was all in flexi, what reply did you get for the ombudsman complaint?

What are the timelines of Ombudsman reply? I'm actually losing hope. I though of parking my money for some time here and this happened.

Can anyone get contacts of COO or Nodal Officer of Mobikwik, i can ask some local MP/MLA office to call them directly.

For everyone who is wondering process of RBI Complaint, Raise a complaint at xtra@mobikwik.com, they will provide generic reply within hours, reply them again and they will again do the same. You will have 3 email threads now and with this you can complain to RBI Ombudsman.

I have received the email around 11 am, no mention of 36 months here

 

[Zacobite]

Just a quick question:
I am done with twitter bashing. Will start with emails from today. Shall I follow this escalation matrix:

Mobikwik Xtra --> Mobikwik Nodal Officer --> RBI Ombudsman

OR

Directly email Nodal

OR

Directly email RBI

Emails:
xtra@mobikwik.com
nodal@mobikwik.com

For RBI --> Direct complaint on their portal. (No direct email i guess)

this may not help.. as tnc allows the risk to be passed on to the lender.. this is what rbi wants... try and let us know if u hear back..

 

[codenerd]

this may not help.. as tnc allows the risk to be passed on to the lender.. this is what rbi wants... try and let us know if u hear back..

Yes risk can be passed to lender thats acceptable but whats not right is playing with already invested money which was invested in flexi and then as morons they r citing RBI rules. They should impose rbi rules on the funds which are invested after the recent changes. Not the already invested funds. How can they reinvest our money again and then they cite RBI rule where they themselves are flouting that very same rbi rule.

 

[codenerd]

Somethings cookin!!!

 

[codenerd]

Please make minor changes to this and reuse this email template.

To: xtra@mobikwik.com, nodal@mobikwik.com, grievance@mobikwik.com
Cc: grievances@lendbox.in, nodalofficer@lendbox.in, support@lendbox.in

Dear Mobikwik Support Team,

I am writing to express my deep concern and dissatisfaction regarding the recent changes made by Mobikwik to the repayment and withdrawal schedule for Mobikwik Xtra, without prior customer approval or consent. This action is not only unethical but also amounts to cheating your customers. As a result, my ₹12.55 lakhs, invested across three accounts, is currently inaccessible, which is entirely unacceptable.

Account Details:

1. Name: Vijay Mallya
   Registered Mobile Number: 6969696969
   
   
2. Name: Lalit Modi
   Registered Mobile Number: 6969696969
   
   
3. Name: Nirav Modi
   Registered Mobile Number: 6969696969

I invested my money in the Flexi fund of Mobikwik Xtra based on the promise that I could withdraw my funds at any time. However, the recent changes have suddenly blocked the withdrawal option, and now Mobikwik has tied repayments to when the borrower repays the amount, in many monthly installments. This change was made without any consultation or consent from me, which is a clear violation of RBI guidelines.

As per the latest RBI rules, a P2P company cannot invest an investor's money unless the investor approves the borrower. Despite this, Mobikwik recreated a new loan tranche and reinvested my funds without my consent on September 3rd. This is contradictory to your own citation of new RBI rules as the reason behind blocking withdrawals and making sudden drastic changes to withdrawal and repayment rules. Mobikwik is blatantly flouting the latest RBI rules.

I am in urgent need of my funds and demand an immediate full withdrawal of my principal amount invested in all three accounts. This was the condition under which I invested in the Flexi fund, and it must be honored. According to the new RBI rules, any new money invested by customers may be subject to the new rules, but these should not be applied retroactively to funds already invested under previous conditions. This is illegal, unethical, and utterly unacceptable.

If I do not receive full repayment and withdrawal of my invested money in a single transaction, I will be left with no choice but to escalate this matter to the RBI ombudsman, citing the specific guidelines that Mobikwik has violated.

I expect a prompt resolution to this matter.

Thank you for your immediate attention to this serious issue.

Sincerely,
Mehul Choksi
6969696969

 

[codenerd]

100% withdrawals honored within 24 hours. Woww!! Heavy comedy!!!

 

[navam]

I just...honestly don't understand why people are messing around with their money on fintech companies and their experiments. Most of the shit they are doing is either unregulated or some loophole they found. In either case RBI can f them over and you in the process, look at growpital....

 

[Rohith_Kumar_Sp]

its been a week since i did the withdraw money, still haven't gotten it to my account

Edit after testing at them in twitter got today

 

[Arnal07]

Please make minor changes to this and reuse this email template.

To: xtra@mobikwik.com, nodal@mobikwik.com, grievance@mobikwik.com
Cc: grievances@lendbox.in, nodalofficer@lendbox.in, support@lendbox.in

Dear Mobikwik Support Team,

I am writing to express my deep concern and dissatisfaction regarding the recent changes made by Mobikwik to the repayment and withdrawal schedule for Mobikwik Xtra, without prior customer approval or consent. This action is not only unethical but also amounts to cheating your customers. As a result, my ₹12.55 lakhs, invested across three accounts, is currently inaccessible, which is entirely unacceptable.

Account Details:

1. Name: Vijay Mallya
   Registered Mobile Number: 6969696969
   
   
2. Name: Lalit Modi
   Registered Mobile Number: 6969696969
   
   
3. Name: Nirav Modi
   Registered Mobile Number: 6969696969

I invested my money in the Flexi fund of Mobikwik Xtra based on the promise that I could withdraw my funds at any time. However, the recent changes have suddenly blocked the withdrawal option, and now Mobikwik has tied repayments to when the borrower repays the amount, in many monthly installments. This change was made without any consultation or consent from me, which is a clear violation of RBI guidelines.

As per the latest RBI rules, a P2P company cannot invest an investor's money unless the investor approves the borrower. Despite this, Mobikwik recreated a new loan tranche and reinvested my funds without my consent on September 3rd. This is contradictory to your own citation of new RBI rules as the reason behind blocking withdrawals and making sudden drastic changes to withdrawal and repayment rules. Mobikwik is blatantly flouting the latest RBI rules.

I am in urgent need of my funds and demand an immediate full withdrawal of my principal amount invested in all three accounts. This was the condition under which I invested in the Flexi fund, and it must be honored. According to the new RBI rules, any new money invested by customers may be subject to the new rules, but these should not be applied retroactively to funds already invested under previous conditions. This is illegal, unethical, and utterly unacceptable.

If I do not receive full repayment and withdrawal of my invested money in a single transaction, I will be left with no choice but to escalate this matter to the RBI ombudsman, citing the specific guidelines that Mobikwik has violated.

I expect a prompt resolution to this matter.

Thank you for your immediate attention to this serious issue.

Sincerely,
Mehul Choksi
6969696969

why vijay mallya and MODIs??

 

[Shinigami]

Update: I received an email from lendbox as well stating the same rbi circular which i have responded.


Also it hurt me a lot to go away with such a sweet investment but with heavy heart to save from the new circular i withdrew my entire investment from 12% club and cred as well.