Hello everyone,
Talkcharge has sent a legal notice to me via e-mail demanding the refund of if all cashback given to me as per the RBI order. 😬
What are you all doing in this case?
I got a total cashback of around ₹5000 from them. My wallet balance is showing negative.
The e-mail/legal notice received is as follows:-
"Legal Notice
Dated: 16.04.2024
REF: Stop Operations Order (DPSS.CO.OVRST.No.S5/06.07.004/2024-25) dated 02.04.2024 issued by Reserve Bank of India.
Dear User,
As you may be aware, the Reserve Bank of India (RBI) issued a Stop Operation Order dated April 2, 2024, under the Payment and Settlement Systems Act, 2007, directing us to immediately cease the business of Issuance and operation of Wallets/Prepaid Payment Instruments (PPIs). Subsequently, we have been under the scrutiny of the RBI, which has mandated the refund of balances held in existing TalkCharge wallets to duly verified customers within the last seven years.
Upon analysing the previous transactions, it has come to our attention that many users, Including you, have received additional payments of various amounts to their respective accounts/wallets. As per the directives of the RBI, the issuance of PPIs and loading of existing PPIs are not permissible. Therefore, we are obligated to request the immediate repayment of any cashback or additional payments received by you.
We kindly request you to review your TalkCharge Wallet/Account and Identify any cashback or additional payments received. This should be visible on Wallet page under Net Available Balance (If you don't see this in your App, please update it to the latest version from App or Play Store). We urge you to remit the full amount received as cashback to TalkCharge wallet Immediately to ensure compliance with RBI directives. Moreover, various law enforcing agencies are investigating the transactions. Therefore, it is necessary to remit the cash back amount received by you. Failure to comply with this request may result in us reporting the matter to the RBI and sharing your account details with law enforcement agencies.
Please note that this demand for repayment is in accordance with the legal obligations imposed on TalkCharge Technologies Pvt. Ltd. by the RBI, and failure to adhere to these requirements may have serious consequences to all the stake holders including the wallet users who received amounts beyond the limit as prescribed by the RBI.
We appreciate your prompt attention to this matter and your cooperation in ensuring compliance with regulatory requirements."
.
What are you all doing? I think it's their problem they should bear or become bankrupt. It is their problem - they even mentioned numerous times that they are RBI complaint. Why should we bear the loss which should have been theirs?
Many users kept the amount for years 😐
RBI Update:-
"It has come to the notice of the Reserve Bank that the entity has issued a legal notice to its customers demanding the return of Cashback, failing which the matter will be reported to the RBI. Thus, the entity has created an impression in the minds of its customers that demand for repayment of cashback amount is being made as per the directions of the RBI. It is clarified that the RBI has only directed the entity (TalkCharge Technologies Pvt. Ltd.) to refund the prepaid amount lying in the wallets, to the customers"
No need to pay anything as per RBI.
Update :- They have sent another so called "legal notice" today on 21st April.
I would have sent them a copy of the complaint filed with the RBI Banking Ombudsman, a copy of the complaint filed at pg portal and a warning that if they mail me again with this type of content I will file FIR
niki.ai is laughing at the corner.
I got a total cashback of around ₹5000 from them - Via some loot?
Please see this video
Ignore. @Gaurav_G
Thanks God I have ignored those things
Me too 
Thank God i never used this shi*ty talkcharge
I have written them back. They should be put behind bars
Now there is no option to recharge/bill payment
Same thought
Grip invest sent me rs. 6k by mistake but never asked lol ..
Anyways ignore this notice
I think they should have shut down their business long time ago, they just paid themselves with public money. Cheater founders.
I don't think we gave them KYC documents. However once they had frozen my account hence I had to share my ID proof in order for them to unblock.
The Talkcharge app is showing me to do RE-KYC amd there is nothing present under my ID proof details
I do not think anyone is planning to pay atleast here in DD. This is unheard of anywhere - app going bankrupt - asking users to pay back all cashback/rewards.
Looks like they are out of money and are asking everything from users.
Let's see what happens. Just a so called "legal notice" in e-mail notification format is of no harm as per others. They should share some valid documents. Don't know what is RBI doing. I know that people have complained.
Nobody has mentioned the point regarding how they operate or what their business model for profit (even for a scam) was. this is my best guess for what it might be:
-20x EBITDA change
~3x loss (a rupee becomes -3 so technically 4x)
- talkcharge's revenue in 2021 financial year changed from 86.99 lacs to 15 crore.
But again why would they provide cash back?
- I think let's say someone wants to convert 1 cr into white money. since KYC isn't done and mobile number maybe purchased in remote areas they might be utilising this resource to give cash back (untaxed income), loss making company don't pay tax. Etc. Also initially, since they were operating in dark, growth of real user maybe lot less than bot farm users.
But wouldn't this be problematic?
remember that cashback period was more than a year? if their growth of real user is less than their own (bot farm users) they are safe. because botfarm user generates them profit.
One other important metrics is growth of real user. let say they deposited 100 and get cashback of 100 after a year. if by next year if real user has deposited 500, they can giveback 100. They have 400 and have to provide cash back of 500 but it's possible and cycle continues. There was no harm from real user as they pay for themself and cycle continues. (notice that 2020 -> '21 shows ~18x growth. )
So what's the problem??
- The issue arises when RBI notices that something is wrong. or growth stops the cash back they have to provide. in both case, they have to shut the shop. Here they may have --
a. helped convert black into white at lower percentage. (purchasing mobile and recharge shop taking 5% commission, owner getting 5% and giving 90% back to user)
b. there was no taxation as involved as they never registered with RBI for wallet. (e.g., amazon pay, quickcilver have license for such payment instrument)
c. botfarm/talkcharge's known user may have left lot earlier with cashback and hence, real user's money.
d. even if there was no black/white scam involved, growth of real user may have provide talkcharge founder regular salary, lavish lifestyle and much more. All those goes to cost to company and ultimately harm real users blocking their money.
I've seen twitter thread and many people investing higher and higher amount and now regretting and bashing over social.
~~hence, money laundering, fraud and best example of ek ka double fraud I've ever seen in real.
there are other things but that's for another day. attached some screenshot for reference as well.
got 2nd notice today
RBI's comment on Talkcharge
https://www.moneycontrol.com/news/business/rbi-...
| Date : Apr 25, 2024 | |
| RBI cautions public against Prepaid Payment Instruments issued by unauthorised entities | |
|
https://www.moneycontrol.com/news/business/rbi-...
No need to pay anything
Infact RBI said return money back to customers
![Get Rs. 50 Amazon Pay Gift Voucher For Just Rs.30 [Selected Users]](https://cdn1.desidime.com/topics/photos/1782031/medium/amazon-hike-.png?1714404760)
I don't think you have any liability to refund. Users should have spent the money by now. Very strange, how can they expect users to have the cashback present which was given in the past.
I believe you don't need to worry.
Quick question - Do they have your aadhar or PAN? and when did you receive the cashback amount?
Don't pay them anything. I don't know how they accomplished the greatest online app scam of history & noone bothered to catch them. How can they provide 3X 5X 10X of investment. Actually their intention was to do fraud from first day all along. They just got inspired from Hera pheri & launched their very own Laxmi cheat fund app talkcharge.
They are vaguely actually requesting you to pay back, not even mentioning amount due
ask them to send demand letter which they can not because u don't owe them any