Whether it is Muthoot or Manappuram, they are all money lending companies against gold. They take several documents signed from the borrowers. They give loans to the extent of the equal value of the gold deposited. But after three months with the application of interest the loan balance will exceed the value of gold. They will give notice to the borrower. And if the loan is not redeemed within say 15 days they may auction and sell away the gold and with the proceeds they will adjust the loans balance. This is business and they always thrive in their business. You deal with them only if you agree to their terms.
----- Original Message -----
From: M. Nandakumar
Sent: Sat, 11 Feb 2012 17:27:03 +0530 (IST)
Subject: Re: [www.keralites.net] Re: Beware : Manappuram
What about Integrated Finance Company Ltd owned by Manaorama Group (MRF the main culprit). Many have lost heavily. With political support and blessings from the corrupt judiciary the Case has not fetched any water so far. Since I am also a victim of Integrated Finance swindling, I wrote to Shri V.S.Achuthandan when he was the Chief Minister of Kerala and now to Sri Oommen Chandy. The former had the courtesy at least to respond through a note from his Secretary saying that the matter will be probed (but, in vain) and the latter is still keeping silent. Whether it is Muthoot , Nano Excell , LIS or Manappuram it is always a risky game to invest in such enterprises
From: ganesh v pillai <email@example.com>
To: Keralites <Keralites@YahooGroups.com>
Sent: Saturday, February 11, 2012 10:16 AM
Subject: [www.keralites.net] Re: Beware : Manappuram
I think. and i strongly believe that this is the game of Muthoot itself.. there is a cocus working behind it against all other finance companies to save muthoot.. a business stunt... very cheap.... let muthoot fight the battle of business by offering better services and profits to the public... defaming some company for the sake of thier business and destroy other company by this method is not acceptable... time has changed...... the same method was adopted aganist LIS .. it was running.. very smooth... hired the mastermind from them and later with the political support statewise and central wise they sued and finished them... pathetic. dirty game....
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