On klubworks, a company named Stage 3 has defaulted (I am personally invested).
Apart from this, there are few deals where payouts are delayed by more than 3 months
Also on all investments on the interest part the company deducts 10% TDS and in my case, there are more than 8 companies who have deducted TDS and the majority of the TDS deduction are still not reflected on my 26 AS, I raise this issue to KLUBWORKS more than 10 times and they are saying that they do not have any control over the company.
So basically TDS deducts from my income but the company does report TDS that is in some way fraud ( even though you are entitled)
In recent Klubworks deals, IRR have fallen, and also there were a few deals where the after-fee return to Investor was around 15.96% – 24.67% and after committing capital, they changed the net IRR to the investor to 13% -19.69% without intimating the investors. And this change in net IRR has happened to me in more than 2-3 deals. I have the proof for it.
So is it safe to invest through Klubworks is a big question mark?