The investor trading platform Next Billion Technology or Groww, appears to have found itself in a tricky situation, as an investor who uses the platform accused the company of committing fraud in its transactions.
The investor took to the social media platform LinkedIn to make the allegations. He claimed that Groww accrued funds for investing in a mutual fund but did not end up investing the said funds in the designated mutual funds.
Scam and Fraud
The post started on a explosive note accusing of the company of fraud and called it a scam, he said, "You Guys need to be really really shameless to do the activities of such FRAUD and SCAM which i am writing here."
The user then takes us through the ordeal his sibling had to face in the bargain. He said, "My sister has Invested Some Amount through Groww app in Parag Parikh Mutual Fund Back in 2020. The Transaction got successfully, we were assigned a Folio number also"
He claimed that the fraud started after a while when they wanted to redeem the fund and withdraw the resources. They could not allegedly redeem it from the funds. And they then came to learn they had not invested the funds from the desired source.
The user had a heated exchange with Groww customer care, calling them 'arrogant'.
Post that, the user claimed that all the details regarding the folio were removed and the dashboard was refreshed.
According to the user, the through coercive means, Groww even tried to have the whole mutual fund deleted.
Groww, on its part, issued a clarification and said, We assure everyone that no transaction took place and the customer's money was not deducted from customer's bank account in the said matter."
Technical Glitch
The clarification statement also adds, "The customer's dashboard erroneously reflected a folio. We have explained the same to the customer, regretting the error. We have resolved the reporting issue and are in touch with the customer for any support required."
It is to be noted that the original LinkedIn post was deleted. However, the X user who shared it on the platform shared another message from the aforementioned complainant, shared an 'Update' on the matter which read, "We have had multiple talks and discussions with the Groww Team and Finally they accepted that a mistake had been made and they have created a Invalid entry and the wrong folio was created."
He further adds that a resolution was reached, "As a final resolution, they have decided to refund/credit the Amount which was in question. However, as a condition, they have asked to remove the social media post including this one."
This discourse spilled into a convoluted realm and created confusion as X user who posted the news asked whether Groww was lying and said, "If he's lying, then file a criminal case against him. But if you are lying, SEBI should take strict action against you. My brother also uses your platform for SIP, and I hope you won't do the same to us."
Later in the day, Groww issued a statement on X in which it claimed and said the investment was never made and the complainanat never lost any money and it was an erroneous reflection, which has been resolved.
