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Groww investor claims fraud, trading app says resolved the issue

New Delhi, June 24 2024-

Popular trading platform Groww came under heavy backlash on social media over the weekend after a customer alleged that her sister faced fraud after investing via the financial services platform.

She invested the money in a mutual fund and Groww generated a folio, displaying the current amount and the growth, according to an investor named Hanendra Pratap Singh who raised the issue in a social media post.

However, the alleged fraud happened when she tried to redeem the investment. She came to know the folio number did not exist and all details were allegedly “removed” from the dashboard.

The Groww user alleged that the app took the money but never actually invested it in the mutual fund.

After much furore on social media, Groww said it had credited the claimed amount to the investor “on a good-faith basis”.

“To ensure that the investor doesn’t get anxious about the claimed amount, we have credited it to the investor on good faith basis,” the company posted on X.

“We have also asked the investor to provide the bank statement evidencing the debit of the said amount, claimed to have been invested. This will facilitate our scrutiny, as well as that of our regulators, of the claimed investment in question,” Groww added.

The company further said that 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,” the company added.

Another Groww user posted on X: “This is concerning. I have monthly SIP on autopilot using Groww for years and I have never checked if whatever folio I’m allotted is actually there or not I’m going to maintain a sheet from now on”. (Agency)

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