[Resolved]  Motilal Oswal — Complaint against Fraudulent business

Address:

Bardhaman, West Bengal

To
Mr. Vikash Kumar,
59, 2nd Floor, A.C. Market,
G.E.L. Church Complex,
Main Road, Ranchi – 01

Sub: Complaint against Fraudulent business being run by your Ukhra Branch office under Durgapur Sub-division, Steel City , Dist – Burdwan (W.B.). (xdg596)

Dear Sir,
I, Sri Naresh Sharma o[censored]khra Town is one of the victiam by investing Rs. 20,000/- (Rupees Twenty Thousand) vide Chaque No. 319092 dtd. 30.01.09. So far summary balance ledger for the period upto 12/03/2009 with net balance of Rs. 1481.45, then upto 25.03.09 net balance of Rs. 12632.81 & last one upto 29.10.2009 showing minus balance of Rs. 19582.53 & credit is Rs. 1550.48 in 5 pages is received by me copy enclosed. This probably shows that after a period of 1.7 month, my investment money of Rs. 20,000/- stands almost nil. Most surprising is that your Ukhra branch Manager & agent never care to consult me about my priority to invest the sum for gainful purpose. Your Branch manager is utilizing my money on his own most wrongfully. Thereby the investor i.e. myself is looser. It indicates that your Ukhra office is functioning not to give any benefit to investors. I would have earned more than Rs. 3000/- as interest on 9 to 10% return if Rs. 20,000/- was invested in fix deposit scheme of any bank. This is nothing but cheating to investor which could not be tolerated. There are other such cases in Ukhra & your Ukhra office has earned a bad reputation. Probality for this reason, last Branch Manager, Mr. B. Mishra to removed but no reluctant improvement. Your Ukhra office is a failure in port folio business on following counts.
1) There is no transparency in running business to investor.
2) Full ledger of demote account holders are not provided with detailed buying & selling.
3) Total inefficient management providing no gainful return to the investors, rather the Capital money is lost.

If your Higher officer could not made up my Capital of Rs. 20,000/- immediately with good return, I would be constrained to high light the failure & running a fraudulent business making investors a looser to the R.B.I.,S.E.B.I., Kolkata, Mumbai & other Govt./legal forums which will not only damage the reputation o[censored]khra Office but to your all India Business.
Hope you should take up the matter quickly and reply me within 15 days providing good returns of my investment.

Thanking You,
Yours Faithfully



(Naresh Sharma)
Investor
P.O.- Ukhra M.G. Road, Dist – Burdwan
Pin – 713363(W.B.) (m) [protected]