Axis Bank Vakola Branch - Mumbai 55 — Deceiving Mutual Fund Schemes

Address:

Mumbai City, Maharashtra

I opened an Axis Gold Fund - Growth ( With AXIS BANK VAKOLA BRANCH) (Folio No : [protected]) For Rs 50, 000/-, ( Folio No : [protected]) For Rs 50, 000/- in the year 2012, {as per the instruction given by the Bank Executive that this fund is linked to the commodity GOLD and I did not have to worry about the scheme since its a Bank Authorized Scheme and it will be Profitable. So I did not check as to how the Scheme is doing since it was a matter of trust that I had on the Bank Executive} After 3 years when I thought of looking to this scheme and what profit I have earned: - To my horror, In my current statement the market value as on 28 July, 2015 is Rs. 41.351.69 for each Folio. I went to inquire in AXIS BANK VAKOLA Bank as to why there is a loss, there was no clear communication given to me, when I asked from the bank manager about the statement of account, he cannot give he said The current bank Manager :MR Dominic Sunil D’souza Branch-head I called on the AXIS BANK customer support number and tried getting information. But the service agent of Axis Bank were un co operative and only told me that they will call me back and till this day there was no call back.. while making several call I came to know that the CEO of the AXIS BANK MUTUAL FUND { Axis Asset Management Company } MR.CHANDRESH NIGAM and I was also told that when the fund initially started the NAV was 10.25 and it is gradually dipped to 8.25 at the current day and it is dipping since then. Each day the prices of the folio are reducing. There is a loss of Rs.9000/- on each Folio. When consulted the Bank, the bank answer was there is a drop in the gold market due to which market value has gone down, we are not responsible for the same. There was no statement provided by Axis bank for the past 3 years informing the market value of the Folio. When spoke with the Branch Manger his reply was the Statement will be forwarded to your email Address, when they checked in their records the email Id was wrong. When they are sending the statements through email, if it is a wrong email ID the email will bounce back at that time they could have rectify the email id, but that was not done and the Branch Manager had no reply on that. We called up Axis Customer Care, the customer care gave us the reply that this folio is not connected to the prices of Gold, the up's and down's of gold prices are not responsible for the performance of the folio. Axis is the third party connected to it . Axis Asset Management Company is connected with this scheme, when asked for the contact details of the concerned person, the customer care executive started first denying the Contact Details, later gave a reply that he will arrange a call back providing the number, there was no call back from customer care executive, after sometime we called back him he was not at his place, the other executive For each year I am losing a amount of Rs.3000/- i.e. Rs18000/- I have lost for 3 years. I am writing this in expectation that I will receive the lost amount. And strict action may be taken to the person who feast on such kind of money making scheme and violating government provisions and sanction conferred on them.