| Name of Complainant | |
| Date of Complaint | April 16, 2024 |
| Name(s) of companies complained against | Moneytap |
| Category of complaint | Banking |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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I am writing to express my utmost dissatisfaction and concern regarding the unethical practices and harassment I have experienced at the hands of MoneyTap, a financial services company. My experience with MoneyTap has been nothing short of a nightmare, and I feel compelled to bring attention to the gross misconduct I have endured.
Unethical Debt Collection Practices:
MoneyTap has resorted to despicable tactics in their debt collection process. They not only stole my contact details without consent but also resorted to contacting my relatives when I failed to pay my EMI on time. Their representatives used abusive language and deceitful tactics, falsely claiming that they were authorized to collect money from my relatives.
Furthermore, they went to the extent of visiting my home, taking photos, and attempting to obtain contact information from my neighbors. These actions are a blatant violation of RBI guidelines and have caused immense distress and humiliation.
Unresponsive Customer Support: Despite numerous attempts to seek assistance and resolution, MoneyTap’s main customer support email, hello@moneytap.com, has been consistently unresponsive.
This lack of communication further exacerbates the frustration and helplessness experienced by customers like myself who are seeking assistance with legitimate concerns.
Lack of Regulatory Action: It is alarming to note that despite the countless complaints and negative reviews detailing similar experiences of harassment and unethical practices by MoneyTap, there appears to be no visible action taken by the Reserve Bank of India (RBI) to address these grievances. This lack of regulatory oversight raises serious questions about the effectiveness of consumer protection measures in the financial sector.
Accountability of CEO: Bala Parthasarathy, as the CEO of MoneyTap, bears ultimate responsibility for the actions of the company. While it is evident that such egregious practices are systemic within the organization, the inability to locate Mr. Parthasarathy’s contact details further highlights the lack of accountability and transparency within MoneyTap’s leadership.
The repercussions of MoneyTap’s unethical behavior extend far beyond mere financial inconvenience. Such ruthless debt collection tactics have been known to drive individuals to extreme measures, including suicide. It is imperative that immediate action is taken to put an end to these reprehensible practices and hold MoneyTap accountable for their actions.
I urge the relevant authorities, including the RBI, to conduct a thorough investigation into the conduct of MoneyTap and take decisive action to ensure that such flagrant violations of consumer rights are swiftly addressed. Additionally, I implore Mr. Bala Parthasarathy to take responsibility for the culture of harassment and intimidation fostered within his company and institute meaningful reforms to prevent further harm to innocent consumers.
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