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Ringing Bells had so far not agreed to any of the allegations, but now it seems they have decided to go into the defensive mode. If reports are to be believed, after intense scrutiny of its business model and allegations of fraud, Ringing Bell has decided to the payback customers upfront.
The information was revealed to The Economic Times by CCAvenue, the payment gateway used by Ringing Bells. It wrote on its website that it has started refunds worth Rs 84 lakh for 30,000 transactions made by about 14,800 unique customers.
The smartphone maker has not made any official announcement about the same yet, but Vishwas Patel, CEO of Avenues India, the parent company of CCAvenue, said, "Due to negative publicity in media and scrutiny by the government, the merchant has asked us to refund all transactions."
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If this refunds report is true, then it is time when Ringing Bells should wake up and smell the coffee. And if the Noida-based company won't do this, then its Freedom 251 smartphone-related business dreams would start crashing down.