[Resolved]  Angel Broking — cheated by angel sub broker and a capital loss of 6, 00, 000.00 in four days

Address:	Bangalore, Karnataka, 560005
Website:	www.marketmentors.in

Respected sir / madam,

This is to inform you that i syed basarath a resident of bangalore was contacted by mr hanamant kullur of market mentors bangalore on behalf of angel sub broker mr santosh to open a demat account with angel broking and to trade and generate income from the funds in my demat account.

On the 15th of november i was contacted by mr hanamant kullur on behalf of his partner mr santosh – who happens to be a sub broker of angel broking. He said that his company was helping people earn a steady income from the stock market and that he would set up and manage the funds in my demat account as he was authorised to do so by angel broking. He claimed to have more than 75 clients whose accounts he was handling and was generating a good regular income.

He was aware that i had zero knowledge of the stock market and he assured me that he has been a top stock trader and that he was facilitated by zee tv and was awarded the title of ‘sensex ka sultan’. I trusted his words looking at his website and reviews on google.

On the 20th mr kullur visited me at my residence and opened my demat ac. He also showed me how to transfer the funds from my bank account to the demat. He said that angel would send me my password and he asked me to share it with him once the password is generated.

Now the events unfold as follows:

Since angel broking does not accept payments from the citibank gateway mr hanamant called and gave me details of angel broking’s mumbai mg road bank account and he asked me to rtgs the funds to that account and said it will be transferred to my demat. I did as was instructed and rtgs’ed the funds.

On the 23rd of of november rupees 8, 00, 000.00 [eight lakhs] was reflecting in my demat account.

On the 26th mr hanamant logged in and said he would start trading. I had no idea what he was going to do and he assured me that he knows what to do. At first he sends me two screenshots showing profit and says we are making money.

After market hours i messaged him and asked about the days trade. He did not answer. Later that evening i got an email from angel broking showing the days trade and in that it showed -34, 450. I was confused and so messaged mr kullur again asking him what has happened. I also asked him to clarify why i have been charged rs, 212000 as brokerage over and above the loss of 34, 450. He blamed angel broking saying he has asked for the lowest brokerage and that angel had not changed the brokerage. At this point he also assures me via a whatsapp message that he has spoken to angel broking and has asked them to credit back that 212000 taken as brokerage. He said it will be done in the next two to three days.

On the 27th as usual mr hanamant traded again and when i got the email in the evening it showed -4, 00, 000 odd. I did not understand and i asked hanamant why the ledger balance was so low. He said he had bought some bank nifty at a good price and was holding and was in a good chance to make lots of money to recover the losses of the previous day.

Again i waited hoping that he would be correct on his call and that he was genuine. He kept reassuring me that he knew what he was doing and that he knew there would be a huge profit.

The next day i got to know there was a loss of -5, 04, 069.00. I again messaged and asked him as to why the loss was created and he said angel did not allow him to hold the position and he was forced to exit at a loss. He said that it was nothing to worry and that the brokerage and other things would be refunded by angel broking. At every step he claimed that angel broking was the one to blame.

At this point i was really worried as a huge capital depreciation had occurred and this was my life savings.

Again on the 28th he trades and created another loss of -46, 565.00. At this point i am irritated and i ask him why there is loss after loss and he ends up not replying and after sending 100’s of messages he send a message saying it will all be set right over the next few days.

On the 29th he trades again and loses -19, 027.00. I am at my wits end and i ask him for an explanation. He avoids my messages and blocks all incoming calls. I then changed the trading password and waited for him to call me as he would not be able to access the account.

Meanwhile with all this tension and with a loss of capital of -6, 00, 000.00 i had high bp and developed health complications and was being treated for the same. This has been so traumatic and everytime i enquired mr hanamant kept blaming angel broking and assured me that my money and brokerage would be refunded. I have his messages where he assured me of the same.

I have no idea and was not informed of the positions being bought or held or sold. I have been taken for a ride by your sub broker and his partner and this company called market mentors. I started researching on the internet and i found a lot of info where people have complained about mr hanamant and how he has lost money for a lot of people. He has training classes and sells his knowledge and then makes people open demat accounts and then helps them lose all their money and finally blocks his numbers and avoids the clients.

Mr hanamant has admitted saying he gets huge commissions for opening demat accounts and every time people trade the company gives him 70% of the brokerage. So all in all i as a person have lost more than 6 lakhs and angel broking and its sub brokers are looting and sharing the brokerage.

Sir / madam, i request you to get me justice in this case and please study the transactions and see - even a kid will understand that many of the transactions were done on purpose to lose money. Buying high and selling low. I don't know why a proper stop loss was not utilised and why the trading was unethical.

Waiting to hear from you at the earliest in this regards as i have faith in your grievance system and i know you will do your best to resolve this matter.

Thanking you

Yours faithfully
Syed basarath
Demat uid: snoe1019