I would like to infom you that the company Innovative financial advisor pvt.ltd.Fiinovation they told us we raise for your NGO and they signed a MoU pn 06th of july2013 with 101100₹ with agreement on 100₹ stamp paper and take a time of 180 days to raise the fund when i was sure that they can not raise the fund i ask for the refund of the MoU amount from the last few months but they are not refunding my money there are many people’s cheated by them are in my touch,kindly take action against this company.
cheated 101100₹ by this company
Comments
31 responses to “cheated 101100₹ by this company”
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We are also facing the same problem,they are not ready to refund our money
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Same issue. They have cheated us also
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Dear Rahul, Kavitha and Thomas,
I am in touch with Fiinovation for a financial assistance by way of CSR fund for our NGO. I have not signed any agreement with them and I have not paid any money so far. I was incidentally going through Google and found the above complaints. In light of the above complaints, I am going to drop the plan. Please give me your views.
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PR Nair
Same scenario is happening with us also. We are also in touch with Fiinovation.they told me to raise fund from CSR base. Then my mind flashes and i think let me check if it is a fraud or not. because Delhi is famous for Fraud cases . They lure NGO in name of fund Raising.So Be Aware of it. -
How to save our-self from these kinds of frauds which is done by FIINOVATION pvt. ltd. company. These kinds of companies increasing there roots day by day, if we still hold silence it will become a big fraud tree on our beloved country.
If anyone can raise his/her voice, I want to become a part of it.
[email protected] -
Our NGO also facing same problem. Can v share our number through email I’d.
My email I’d is [email protected] -
Good evening all my friends whose have been cheated by Finnovation .
We will file cases against such organization whatever agreement they have given.
Secondly contact each other and share contact number behalf that make a gruop and complaint nearest police station in cheating.My contact number 8829807808
Email address daljeetsingh6512@gmail. Com -
Our NGO is also facing same problem and we are in continuous touch to refund our money but they are not refunding now we are issuing legal notice .
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Fiinovation is a fraud agency. We are also cheated by the that agency. We must do something.
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We too are facibg the same problem. As per the agreement, the project should start by june 2014 but now itz almost 2 yrs but the project has still not started , our NGO, Sonada United Tribal Welfare Society, Darjeeling paid a fees of Rs. 1,68,540/- . We r thinking of pusring the matter legally
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IT IS A FRAUD COMPANY. BEWARE AND SPREAD THE MESSAGE
Do not engage in any activity with this organization, avoid their phone calls and email. -
I had also Paid 1.34 Lakhs in 2014 & had MoU signed. Please share your Numbers so we can launch complaints againt them.
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dear friends greetings from suraksha an ngo working in gajapati dist.ODHISHA.WE also facing the same problem for last 3 years.they made a agreement to mobilize the crs funds with in 180 days.still the same thing they are telling .so we all do some thing for this type of fraud agency.
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Dear All,I am also running an NGO Since 8 years and got to know about Fiinovation for CSR Fund raising. So currently working with them on an environmental Project.
Want to tell you that at the starting i also faced some issues from their end for the funds,they told the same thing to wait for 2 months, so it was troublesome. However, eventually, Team Fiinovation started working on my project as committed and within 2 years of time we would be able to complete the project on environment in Uttrakhand region.
After working in this space, i have realised, there can be certain delays from corporates in sharing funds. In my case also, there was a delay but in the end, I achieved my objective and now my NGO project is being implemented effectively. I also feel, consultancies are important for channelising of funds to civil societies like ours. -
We are also facing the same issue.We are planning to take up the issue to PMO. If anybody willing to join us to fight against this fraud .Kindly mail to us [email protected]
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My no 9312026952 Pl contact me victims of this company I also victim.tommorow I filed the complaint against this company/people in RBI ED&police/EOW&others.
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I faced the issue only for 2 months and was annoyed at the start. But now, the funds have been given to us by corporates identified by Fiinovation team. I thank them for the help as we were struggling to get money for our project. The Fiinovation team is helping us with timely Monitoring and evaluation, which is good for us. We get our funds on a timely basis, also get good guidance by Fiinovation now. I hope, more NGOs get funds through their help.
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I read the reviews hence replying, I am working with Fiinovation as they provided me funds of 16 lakhs for a year for a project in my state, Kerala. They don’t give funds from their pocket, but they connect the NGOs with corporates. We are in touch with both the funding company and fiinovation and work together on the project.
Fiinovation’s job is to get funds from companies under CSR mandate and also on M&E, Impact evaluation. They good a decent job. At times, funds get delayed from the corporates who is providing. In such cases, consultancies can’t do much.
My number below- in case, anyone wants to get more information
9205462240
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Hello
I also geted a call from +917065687363 name is mahak . I have same issue with jobs 4 u. -
these people are cheating with many small ngo and they don’t even reply after they take money. There are crime by fooling people like us who really needs money to benefit other people. India is a poor country and people like these makes it more poor. Solid actions are required to give them a lesson for life. I have also filed a police complaint against them and soon they will be in jail. I want them to pay for the pain that they have given to people like us.
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Fiinovation is doing frauds on the name of projects and fooling NGOs for the same. They are successfully running their company in delhi and have fear of none. They will never give you projects and they will run away with your money. Don’t believe these guys. Somitro Chokraborty and Purnima dube are the main culprits in cheating us. It has been two years and I am still waiting for my project. They have taken around 90 thosand from us. Cheater Fiinovation. Don’t approach them or if they approach you, put the call down.
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how to know whether finnovation cheating or not. someone has to enquiry and report. they are now contacting me for sanction of 45 lakhs.
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plz those are cheated by this fiinovation give their contact no here. by which i can talk with and know the truth.
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Hi Saumya Ji. You can check their reviewsby typing fiinovation complaints and frauds.you will find they have been cheating ngos for quite long and they dont return back the money and not even provide projects.they also had a company by the name of stripes,which is shut down as that did not helped them to get rid of their funds issue.Fiinovation ceo name is sumitro and with poornima they cheat people.their staff is also a part of this scam as they get their commissions on hooking a client.they ask ngo for money in lakhs. such cheaters they are.don’t fall in trap please.
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We are working with fiinovation for last 1 year. we git the csr funds late but now got funds for 2 small projects UP. i also read review, was sacred but finally no issues found. I found he funds and will hope Sauyma ji, you also receive funds soon. keep patience-
Samira
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Hello
I also geted a call from +917065687363 name is mahak . I have same issue with jobs 4 u. -
FUTURE FINANCE LTD BUSINESS FINANCE & LEASING CO. Regd. Since 1995 (FUTURE FINANCE LTD.) INDIA HEAD OFFICE:- Plot no-813/office no-305 Ganpati plaza,sindi camp,M.I Road JAIPUR RAJASTHAN – 302005. E-mail: [email protected] MR.- B. SRINIVASA RAO Address-H.NO. 6/94/52/1, HUDA COLONY, NEAR PJR STADIUM,CHANDNAGAR POST, RR DIST. HYDERABAD-560085 Mob: 04040262089/09440572089 Date-29/05/2018 Dear Loan applicant Congratulations on your Loan Approval for APPLICATION NO. FFLL786098789/0165/2017-2018, BY OUR FUTURE FINANCE LTD. UNDER N.R.I. LOAN FUNDING SCHEMES.
I read the reviews hence replying, I am having upcoming company at hyderabad by name surgicare shoppie they offered aloan of Rs.50 lakhs as they want to provided me funds of 50 lakhs for 3 yr repay monthly formy exports project in my state, Telangana. they cheated me byt aking rs 32750/- and againa sking me rs 68500/- nowMy number below- in case, anyone wants to get more information
9440572089
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I have signed an agreement with Fiinovation with Rs. 212400/-, They gave me some paper with stamp paper, And after few days we are no more in contact anymore. The office phone nos are switched off. How do I know if I will be cheated or funded.? I am really worried.. Please help me out with some suggestions! I am praying hard to find the solution soon. Thank you friends.! Please help me! My no. +918473905125
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To all of my respected citizens this is to inform you that
Section 186 of Companies Act 2013 – Loan & Investment by company
No investment shall be made or loan or guarantee or security given by the Company unless resolution sanctioning it passed at the meeting of the Board with the consent of all the directors present at the meeting.Section 186 of the Company Act 2013 correspond to section 372A of the company act 1956 (inter-corporate loans and investments).
Bare Act:-
186. (1) Without prejudice to the provisions contained in this Act, a company shall unless otherwise prescribed, make investment through not more than two layers of investment companies:
Provided that the provisions of this sub-section shall not affect,—
(i) a company from acquiring any other company incorporated in a country outside India if such other company has investment subsidiaries beyond two layers as per the laws of such country;
(ii) a subsidiary company from having any investment subsidiary for the purposes of meeting the requirements under any law or under any rule or regulation framed under any law for the time being in force.
Sub-section (2) No company shall directly or indirectly —
(a) give any loan to any person or other body corporate;
(b) give any guarantee or provide security in connection with a loan to any other
(c) acquire by way of subscription, purchase or otherwise, the securities of any other body corporate,
exceeding 60% of its paid-up share capital, free reserves and securities premium account or 100% of its free reserves and securities premium account, whichever is more.
(3) Where the giving of any loan or guarantee or providing any security or the acquisition under sub-section (2) exceeds the limits specified in that sub-section, prior approval by means of a special resolution passed at a general meeting shall be necessary.
(4) The company shall disclose to the members in the financial statement the full particulars of the loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security.
(5) No investment shall be made or loan or guarantee or security given by the company unless the resolution sanctioning it is passed at a meeting of the Board with the consent of all the directors present at the meeting and the prior approval of the public financial institution concerned where any term loan is subsisting, is obtained:
Provided that prior approval of a public financial institution shall not be required where the aggregate of the loans and investments so far made, the amount for which guarantee or security so far provided to or in all other bodies corporate, along with the investments, loans, guarantee or security proposed to be made or given does not exceed the limit as specified in sub-section (2), and there is no default in repayment of loan installments or payment of interest thereon as per the terms and conditions of such loan to the public financial institution.
(6) No company, which is registered under section 12 of the Securities and Exchange Board of India Act, 1992 and covered under such class or classes of companies as may be prescribed, shall take inter-corporate loan or deposits exceeding the prescribed limit and such company shall furnish in its financial statement the details of the loan or deposits.
(7) No loan shall be given under this section at a rate of interest lower than the prevailing yield of one year, three year, five year or ten year Government Security closest to the tenor of the loan.
(8) No company which is in default in the repayment of any deposits accepted before or after the commencement of this Act or in payment of interest thereon, shall give any loan or give any guarantee or provide any security or make an acquisition till such default is subsisting.
(9) Every company giving loan or giving a guarantee or providing security or making an acquisition under this section shall keep a register which shall contain such particulars and shall be maintained in such manner as may be prescribed.
(10) The register referred to in sub-section (9) shall be kept at the registered office of the company and —
(a) shall be open to inspection at such office; and
(b) extracts may be taken there from by any member, and copies thereof may be furnished to any member of the company on payment of such fees as may be prescribed.
(11) Nothing contained in this section, except sub-section (1), shall apply—
(a) to a loan made, guarantee given or security provided by a banking company or an insurance company or a housing finance company in the ordinary course of its business or a company engaged in the business of financing of companies or of providing infrastructural facilities;
(b) to any acquisition—
(i) made by a non-banking financial company registered under Chapter IIIB of the Reserve Bank of India Act, 1934 and whose principal business is acquisition of securities:
Provided that exemption to non-banking financial company shall be in respect of its investment and lending activities;
(ii) made by a company whose principal business is the acquisition of securities;
(iii) of shares allotted in pursuance of clause (a) of sub-section (1) of section 62.
(12) The Central Government may make rules for the purposes of this section.
(13) If a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to two years and with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees.
Explanation.
—For the purposes of this section,—
(a) the expression “investment company” means a company whose principal business is the acquisition of shares, debentures or other securities;
(b) the expression “infrastructure facilities” means the facilities specified in Schedule VI
Analysis :-
This section mandates a company(including a private company) to make investment only through two layers of investment companies.
However, provisions of this sub-section (1) shall not effect if :-
a) Acquiring any other company incorporated in a country outside India if such other company has investment subsidiaries beyond two layers as per the laws of such country;
b) Subsidiary company having any investment subsidiary for the purposes of meeting the requirement of any law for the time being in force;
Approval
The following approval is required for loan and investment by the Company:-
1) Board Approval
No investment shall be made or loan or guarantee or security given by the Company unless resolution sanctioning it passed at the meeting of the Board with the consent of all the directors present at the meeting.
2) General Meeting
Where the giving of any loan or guarantee or providing any security or the acquisition exceeding the 60% of its paid-up share capital or 100 % of its free reserves and security premium account whichever is more prior approval by means of a special resolution passed at general meeting is necessary.
3) Approval of Financial Institution
The prior approval of the public financial institution concerned where any term loan is subsisting is obtained:
Provided that prior approval of public financial institution shall not be required where the aggregate of the loans and investments so far made, the amount for which guarantee or security so far provided to or in all other bodies corporate, along with the investments, loans, guarantee or security proposed to be made or given does not exceed the limit as specified in sub-section (2) of section 186, and there is no default in repayment of loan installments or payment of interest thereon as per the terms and conditions of such loan to the public financial institution.
Rate of Interest
The rate of interest shall not be lower than the prevailing yield of one year, three year, five year, or ten year Government security closest to the tenor of the loan.
Disclosures
The Company shall disclose to the members in the financial statement the full particulars of the loan given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient of the loan or guarantee or security.
Default
No Company which is in default in the repayment of any deposits accepted before or after the commencement of this Act or in payment of interest thereon shall give any loan or give any guarantee or provide any security or made acquisition till such default is subsisting.
Register of Loan
Every company giving loan or giving guarantee or providing security or making an acquisition of security shall maintain a register in form MBP 2 and enter therein separately the particulars of loan and guarantees given securities provided and acquisitions made.
Exemptions :-
(a) Loan, guarantee or security made by :-
(i) Banking company or insurance company or housing finance company in ordinary course of business;
(ii) Company engaged in the business of financing of companies or of providing infrastructural facilities.
(b) Investment and lending by NBFC whose principal business is acquisition of securities.
(c) Acquisition by companies having principal business of acquisition of security.
(d) Acquisition of shares pursuant to further issue of capital.
Penalty
If a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than Rs. 25000 but which may extent to Rs.5,00,000;
And
Every officer of the company who is in default shall be punishable with imprisonment for a term which may extent to 2 years and with fine which shall not be less than Rs.25000 but which may extent to Rs.1,00,000;
Help for call me 9088034034
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