[Resolved]  Religare Securities Ltd — fraud by religare securities

Address:

Amritsar, Punjab

fraud & misrepresentation of facts
My name is Rajesh Khanna. I am having a DMAT account number is IN301774 and trading account number RK9523 with religare securities since 2007 in amritsar.

I have been cheated by Religare Securities Ltd. They have lost all my money and shares woth 20 lacs without my information.

Last year I was transferred to Ludhiana. My existing share holding with religare was around Rs.50,000 and I additionally transferred Rs. 50000 vide ch.# 521018 on dated 26.10.2012 and Rs.100000 vide ch.# 521025 on dated 27.12.2012 in my trading account

I have been given ESOPs by my company HDFC LTD. My HDFC LTD ESOPs (2185 shares around rs.18 lacs) were in my HDFC securities dmat account, which I transferred to my religare dmat account, as it was very difficult for me to manage two different accounts.

My cash position rs, 200000 and my all shares amounting to Rs. 18 lacs were traded in market without informing me about loss. For last seven months I have been asking them for my cash position, but they kept me in dark and did not inform me of loss booked and keep on lingering to revert for one reason or the other. They are contineously booking loss against my shares since december 2012 and saying me that your account is running very good.

On 7th May, 2013, I received two statements from Ms. Sonia from Religare’s amritsar office on my email. In one statement loss was around 15.85 lacs and in second statement loss was around 4.45 lacs.

When I called them to make me understand the statement their executive Deepak said that statement bearing 15.85 lacs figure is not actual, as it is having some trades in hand and some sell positions and some buy positions. He asked me to see statement with 4.45 lacs loss, which again is a notional loss as they have not squared off the positions and are rolling on the position.

In June end I have asked them to send my cash to my saving account and I was shocked to know that they sent me only Rs 35931 as settlement of my account on 1st july. When I called the amritsar office, new branch manager Vikram said that all my shares have been adjusted in losses and this is the final amount in my account.

Sir, Religare has betrayed me by concealing and misrepresenting the facts and figures of my trading account, as a result I have lost all my money. Inspite of telling them, many a times, not to trade rashly in F&O and strict instruction for trading with stop losses. They have traded heavily without my knowledge to earn heavy brokerage.

All the team from amritsar is resigning. Their manager Kapil has already resigned and the executive Deepak assigned to me has also resigned. They are ignoring my calls and not giving me reply. All these acts are showing religare company’s fraudulent intentions. M/s, Religare Securities Ltd conduct that right from the beginning, intentions were dishonest and to cheat

Sir I have marked a complaint in religare’s investigation cell on 1st of july. My complaint number is REL-7870369. They demanded week’s time for the resolution, but no revert received from them instead they are demanding more time.

Sir I am a salary class person with loans on my head. This amount means a lot for me and my family. My kids are young. I am not left with any thing as these shares given by my company was our only asset.
I was a long term investor you can well check it from my dmat account, as I have not sold my existing cash holding for more than one year, as it was in loss for 15 to 20 thousand rupees.

It is therefore, earnestly requested and our humble submission to pass an order
for the compensation and grant of loss incurred, due to the negligence of Religare Securities Ltd. And take strict action against religare company who is cheating investors.

Raejsh Khanna
mobile no. [protected]
email id :- [protected]@yahoo.com