Risk Latte - Cheating by an Educational Institute running online courses
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Complaint by: karan on January 30, 2018, 2:07 am in Education and Schools

A. That the Applicant enrolled himself for CFE & FEM Courses in the
year 2015 conducted by your Institute detailed below:-
1) CFE/FEM course access {Fee $600.00 USD ($750 – 20% Discount)}
2) CFE/FEM live classes to be held at Mumbai Fee $630.00 USD)
3) Credit Risk Modeling(Fee $1580)
B. Following are the payments made in respect of the above said
1) Full payment of $750.00 USD on 14th July 2015 bearing Receipt No.
2) Full payment of $630.00 USD on 21st September 2015 bearing Receipt
3) Full payment in three transactions i.e.
30th September 2015,TXN NO. 7ET976406B327172L AMT: $500.00
30TH September 2015, TXN NO. 4869358544457074 AMT: $530.00
5TH October 2015,TXN NO. 0YU55704743339143 AMT: $550.00
C. The Applicant suffered enormous deficiency to pursue and
accomplish aforesaid program(s) and is aggrieved as under:-
1) With regard to CFE/FEM course access, the Applicant was promised
to be provided with study material which was to be updated as and
when new amendments /advancements were reported. On the contrary
he was provided with substandard study material with missing
topics and no updates were provided.
The Applicant was sent a mail, that he would receive the
certificate regarding the course which stuck him by surprise as
he has not yet given the exam which dented his trust regarding
the authenticity of the program.
2) With regard to CFE/FEM live classes at Mumbai, the classes have
not been conducted even though more than 2 years have lapsed ever
since enrolment. On enquiry every time the Applicant was fed with
illusionary false hope of happiness that the event shall be
conducted very soon.
3) With regard to the credit risk modeling course, the Applicant was
to be provided with a user id and password which he has yet not
received even despite lapse of more than 2 years in spite of
having made the payment for the purpose in the year 2015.
4) In response to the correspondence undertaken by the Applicant
pointing out deficiencies, Mr. Rahul Bhattacharya
, the program Director vide his
e-mail dated 25 Sep., 2016 informed the Applicant that “We will
refund the fee that you paid for all short courses and the
classes (everything except the DFE Course/Program fees) by 31st
December, 2016. It may also get done much before that date but
since there’s internal audit going on it may take a while.
However, you’ve my word that by 31st December 2016 all the fees
that you paid for the short course will be refunded to you”. But
when the Applicant did not receive the refund and he tried to
communicate with Mr. Rahul Bhattacharya, he abused the Applicant
and asked him to write/publish all the mails and whatsapp
messages as he would be happy and encouraged to write negative
comments about CFE on social media. He threatened the Applicant
that no matter what, he will not let the Applicant get the refund
and he has seen many people like him and he can do what he can.
5) The Applicant holds limited grievance against the Co. Risk Latte
for refund of fee deposited by him but incapacitated to digest
the immature, abusive and irresponsible behavior of Mr. Rahul
Bhattacharya as he failed to understand and appreciate how hard
the Applicant worked to pay the total sum of $2960.00 USD to
pursue the Course(s)/Program(s).
6) On one hand the Applicant has not been given requisite study
material, no live classes conducted nor provided any service qua
Credit Risk Modeling program but on the other hand the Applicant
experienced agonizing treatment from Mr. Rahul Bhattacharya.
7) The Applicant paid entire/full fee of $2960.00 USD for the
Course(s) mentioned in para A above which has culminated into an
exercise of utter futility. The Applicant does not wish to
through filth of any kind on social media to tarnish the
reputation/goodwill of the Company despite sever instigation to
do so by Mr. Rahul Bhattacharya (as mentioned in para 4 above).
D. That facts narrated above clearly establish that the Applicant
has not been provided necessary service/facilities/material to
pursue and complete the Course(s) mentioned in para A above
despite his having made payment of $2960.00 USD (as per deposit
details in para B above) rather suffered grave harassment and
mental agony and has been deprived of excellent career
enhancement opportunity. It’s a glaring incident of absolute
deficiency of service as understood under Consumer Protection
Through this notice you are called upon to reimburse the
Applicant the fee of $2960.00 USD (details of payments given in
para B above) paid to the Company for the Course(s) mentioned in
para A above along with interest and damages/compensation for the
anguish suffered by the Applicant at the hands of Mr. Rahul

Complainant's Goal: Get Refund of fees paid
Complainant's Target: Risk Latte
Complaint Location: Hong KongCentral

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Recent Comments
Sun, 18 Feb 2018  Officer of Risk Latte Company

We are writing on behalf of Risk Latte Company Limited ("the Company"). The above mentioned complaint by Karan is grossly misleading and without any merit. The facts presented or are either completely twisted or inaccurate. Any and all allegations made in the Complaint are baseless, unfounded and totally without any merit.

Karan has been threatening, both directly and indirectly, our director, Rahul Bhattacharya, for almost two years now stating that he will join hands with one or two other parties on the internet to talk ill about him and our company if he did not get back his so called "refund".

Based on facts and documentary evidence, NO refund is due to Karan and as things stand today, And, no refund shall be made to him.

To the best of our knowledge and based on the evidence at hand here are the facts of the case:

1. To the best of our knowledge and based on the documentary evidence in hand, Karan never ever signed up or registered for any Credit Risk Modelling course (online or otherwise) with the Company and/or never ever paid any fee for any Credit Risk Modelling course (online or otherwise) to the Company.

2. Karan signed up for CFE and FEM courses for which he paid a discounted fee. He has been given full access to these courses and course materials for the past three years or more.

3. Karan has been pressurising our Director, Rahul Bhattacharya for more than a year now to write a Review for his book and make his book a mandatory reading material for the Company's CFE and/or FEM program. Also, Karan has been pressurising Rahul Bhattacharya to sell his book to all CFE and FEM students. Given the extremely sub-standard nature of Karan's book and Karan very poor academic and professional background Rahul Bhattacharya has steadfastly refused to entertain his requests.

4. Over the past three years, at Karan's behest, Rahul Bhattacharya has been kind enough to do personal coaching and mentoring to Karan in the very advanced disciplines of financial engineering and quantitative finance completely free of cost. Karan has mistaken that gesture for weakness and has sought to capitalise on it for his personal gains.

5. Karan has also been pressurising Rahul Bhattacharya for over a year to enter into a business alliance with him and/or his partners in India which has not met with any success.

6. Karan signed up for a machine learning course with the Company and paid the fee for the same. The Company, after having discovered that Karan's true credentials are very shoddy and poor had decided to cancel his enrolment and refund the fee paid. The Company has since fully refunded his fee.

7. The Company has also fully refunded the advance deposit that Karan had paid a few years ago for registering for the online courses (but which he did not follow through with the balance). The Company could have chosen to not refund that deposit and let Karan forfeit that amount. However, it did not do so and instead paid him back the deposit amount.

8. Karan has NOT paid to the Company an amount equal to US$2,960 (USD Two Thousand Nine Hundred Sixty) as he has claimed in his complaint. This is purely a figment of his imagination.

There are other material facts pertaining to this case that the Company can divulge on this forum as well as in any legal proceedings of the case.

The Company remains fully prepared to defend its position in any legal proceedings and at the same time is currently mulling its options for taking action against Karan for threat, blackmail and defamation.