I have bought Tarus starshare SIP option, payments was made using Citibank ecs(electronic clearance system). In the application Direct Debit to Citibank was also mentioned for redemption.
I made redemption on 11th Jan 2010, the fund was redeemed but the payment didn’t happened even after 3 years!
They are not able to tell why direct debit to Citibank didn’t happened, they mention for some reason it may fail, its surprise to find payments towards tarus work fine from Citibank ecs but the redemption is failing only for tarus for their own unknown reason.
They claim cheque was send on post to my address, but it got returned, I stay in an apartment with 24 hours security who collect all posts on our behalf, customer care was unable to tell the cause of return like, person changed the address, or door lock, or not able to give the consignment id on which the courier was send
I receive all communications from tarus on their promotions, but not a single communication about the redemption payment failure
I called multiple times on their support number and they assure a call back with the details, which is yet to happen, I’m yet to get the amount, my folio number is 6024083081
I advice public to stay away from tarus fund unless they clean their system, btw the invested amount also got reduced by 20% in the span of 2+ years, and I’m waiting for that payment after 3+ years