Non - Refund of Gold investment scheme

[arun vadiraj garalpad]

Seller Name

Tanishq Jewellery - Bangalore - Banashankari

Company Name

Tanishq Jewellery - Bangalore - Banashankari, Titan limited

Product Name

Golden Harvest gold investment scheme

Customer Care Number

080-41634850

Loss Amount

50000

Ratings

1.00 star(s)

Opposite Party Address

No.301, 100 Feet Ring Road Beside MI Showroom, Opposite Apollo National Public School, Banashankari 3rd Stage, Bangalore, Karnataka 560085

Hello
I have invested 50K in a Golden Harvest investment plan bearing number 126871713 with Tanishq Jewellery - Bangalore - Banashankari, since June 2021. Till date i have not made any purchase of Gold from them. Since i had no plans of buying gold, i contacted the said showroom for a refund. They refused to refund cash and said that i compulsorily have to buy gold. Aggrieved with this, On 24-03-2025 i wrote a mail to Titan to refund my amount and since then conversations are going on over mail with their customer care team. They have been only providing lame responses that someone is looking into it. Till date i.e. 58 days since my complaint, there has been no refund.
I seek your help to get back my money with interest.

 

[TeamMember]

Hello @arun vadiraj garalpad

I'm sorry to hear about the difficulties you're facing with the Golden Harvest gold investment scheme at Tanishq Jewellery, Banashankari, Bangalore. Based on your experience, it appears that despite your request for a refund of ₹50,000, the company insists on a gold purchase instead. This situation raises concerns under the Consumer Protection Act, 2019, particularly regarding unfair trade practices.

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Steps to Seek Resolution​

1. Review the Scheme's Terms and Conditions

Examine the original agreement or brochure of the Golden Harvest scheme to identify:

• Clauses related to refund policies.
• Any stipulations mandating gold purchase upon maturity.

Understanding these terms is crucial to assess the legality of the company's stance.

2. Send a Formal Legal Notice
If the terms do not explicitly prohibit refunds, consider sending a legal notice to Tanishq Jewellery and Titan Company Limited. This notice should:

• Detail your investment and the lack of refund.
• Cite relevant consumer protection laws.
• Demand a refund within a specified timeframe.

3. File a Complaint with the Consumer Forum
If the company fails to respond satisfactorily, you can file a complaint with the appropriate Consumer Disputes Redressal Commission:

You can file the complaint online via the e-jagriti Platform: Ministry of Consumer Affairs, Food, and Public Distribution, Government of India claiming:

• Refund Amount - ₹ 50000/-.
• Compensation for mental agony and financial loss - ₹ 100000/-.
• Litigation charges - ₹ 15000/-

You can file the complaint online. Ensure you attach all relevant documents, including:

• Investment receipts.
• Correspondence with the company.
• The legal notice sent.
• INDEX, MEMO, EVENTS, AFFIDAVIT and PROFORMA

Important Tip:
Before taking legal action, it is advisable to first send a legal notice to the Opposite Party.

Note:
We can assist in:

• Drafting professional legal notices.
• Filing consumer complaints for deficiency in service.

Feel free to contact us if you wish to proceed with a legal notice draft or complaint preparation.

Regards,
Support Team

 

[arun vadiraj garalpad]

I am interested in taking the legal recourse. How do i contact you? Call on 7982270319?