I wonder how come all these years the company have maintained silence. Is it because they are real culprit or because they don’t mind such allegations against them? If they would have been culprit they would have been shut down long ago. So the question is why are not reacting to fraud allegations against them?
I’m talking about the company who grew rapidly in the last decade coz of their new management techniques. The company is none other than Panoramic Universal Ltd. In the late 90’s they founded and started Pancard Clubs. The purpose of starting Pancard Clubs was to bring out a new investment scheme in the market. The scheme termed as Pancard club investment scheme urged members to invest in the company in return against spending their accommodation at their properties with certain terms and conditions. To make the scheme sell like hot cake, company also provided extra benefits like medi-claim and insurance policies to the members along with the investment scheme.
The fraud tag got accredited with the company when some members claim for medi-claim refund was rejected by the insurance company. The members were agitated against the company and started posting complaints in forums such as consumer complaints terming the scheme as fraud. It got so much hype that it was even mentioned in some newspapers. The only things which the media didn’t bother were to look in to the facts before publishing such news. After inquiring in to the matter it was found that the company had clearly mentioned in the terms and conditions document that any issue about the policy would be between the insurance company and the member. The company was just giving extra benefits to the members along with the investment and the company was not at all selling policies to the customers.
