Motilal Oswal — False Trade for huge brokerage

I am a investor in Motilal Oswal(SRMN1272) and slowly I was trying to accommodate shares of good Company for my future. It took almost a year to put all my saving in MO trading account for accommodating multiple shares worth approx. 3 Lacks. Since last one year, as we all know market came down due to some global issues and hence my share values came down and I was incurring loss of approx. 20k, which was ok for me as I am a long time investor, and I know in long term I will get good return.

On approx.[protected], I got call from MO(Deepak, Mobile:[protected]). He told me that he is calling from MO and he found that I have loss in equity and he got instruction from MO management that he should recover my loss. He shared all my details so I was confirm that he is from MO, and I though MO is very big company and they closely monitor each o[censored]ser account and they recover losses if any of their customer is in loss. Then I asked him, what I need to do. He told me follow instruction to pledge my equity and he assured me MO research have 100% guaranteed call and I should not worry as MO want to recover my loss. I should just follow what he says as MO is very reliable and big brand.

I followed his instruction and pledged my equity. On[protected], he asked me to do some trading in currency, when I asked him few questions, he simply said I should just follow what he says and rely on MO, my all losses will be recovered. Believe me, I blindly believed him on brand name of MO. He asked to purchase some quantity of PE and hedge with CE, and after 1-2 hour he told me I need to do averaging and again he asked me to purchase some quantity of PE and hedge with CE. And finally after 1-2 hours he told me there is no movement in market so I should exit all. Frankley speaking I even don’t remember what quantity he asked me to enter but after every trade I was asking him to verify what I did and he was validating and confirming me from backend that I did right. When I exited, I incurred loss of approx. INR 12500, but I was ok as he told he will recover it some time.

After 2-3 days I got mail from MO that all my shared will be sold, and I shared the same with Deepak and his manager Pawan(Mobile:[protected]). But they didn’t came back to me, and finally my all shares were sold worth INR 249215 and again INR 2419, and all money disappeared from my account. I informed same again to these guys and they told that they will update me. I kept calling these guys and I was not getting the info, and finally they stopped picking my phone. The mental stress what I went through I cant express, I went into depression and I was getting suicidal thoughts. I became mentally ill. Finally I started searching on internet I found escalation matrix of MO, and I was able to talk to Mr. Ajim who helped me to get all the info and he shared the details and confirmed me that, I buy/sell total 8000 lots which means 800000 quantity, which brokerage itself was INR 200250, GST: INR 36057 and LOSS: INR 13162.

When again I had discussion with Mr.Pawan, still he was not transparent to me as where my money went, he was just saying I suffered loss which is part of trading. Finally I had to tell him that I talked to MO escalation and now I have all details and I was charged this much brokerage. He told me that, I should not talk to anyone, 90% of the case there is no refund of brokerage but he will try for me and he assured me that if he try, definitely I will get the refund. I waited untill 30th November, timeline given by him and again called him and MO escalation. He is simply playing with words.

Now I want to escalate this issue to the highest level. This is very big scam, after taking to many experts dealing in USD-INR I came to know that, MO made me purchase, huge quantity(8 lacks) o[censored]SD-INR option, which was completely out-of-money hence premium was very cheap, and he was able to made me purchase maximum quantity for huge brokerage(approx. 2.4lacks). He asked me to do trade, which can never go to profit and as target was very far out-of-money and in case there would have been some movement in my favor, profit could have never be more than 2.4 lacks brokerage. So It was very big scam and I was betrayed for trusting MO blindly.

This amount is huge for me, and I am mentally sick because of all this, which can never be compensated. At least please refund my brokerage and take necessary action against Mr.Deepak and Mr. Pawan. Still I believe the brand name of MO and hopping you will support and protect the rights of a common, innocent man who dream to earn and save for the feature of their children.