[Resolved]  Bma Wealth Creators — Misappropriation of My Fund Rs.1,00,000

Address:

Chennai, Tamil Nadu

Hi,
REF : Customer ID : 20950001

With reference to the above mentioned customer id, I am listing out here with my grievances which I believe will be given due priority and acted upon from by the company.

a.I had chosen to get into commodity trading through your company with Suresh as sub-broker to trade on my behalf for which I had invested Rs.1,00,000/- in the month of August 2010. I was told that my registration with your company will be followed by dispatch of welcome kit and regular intimation through sms and mail with respect to trading. Unfortunately I had not received anything in the form of welcome kit which I suppose should have given me the details of log in and terms of contract with your company. I had followed up on the same with Suresh my sub-broker but turning futile. I had received updates through sms with respect to trading in my account for initial 10 days , which again seemed to disappear later. However no mail communications were ever received from the company on the same though I find that my mail id has been correctly recorded in your records.

b. From September till November 2010 I had not received any communication from your end which made me worried. My sub-broker also failed to provide any convincing answer to me hence I was forced to contact your office in Chennai located T.Nagar in the month of December 2010 which led to an alarming revelation that my Rs.1,00,000/- investment had stooped down to Rs.470/-(approximately). It was then I was provided with my log in id. But the pathetic part of the whole happening was when I had met your Regional In charge –Yesudas , he had no explanation to provide for non-dispatch of welcome kit or lack of communication through mail and disappearance of communication through sms. The guy was totally blank on anything asked.

c. Access to my login had resulted in another shocking revelation that Rs.45700 has been deposited on 30th Aug 2010 in my account without my consent or any prior intimation. This had been done through DD drawn on Canara Bank. When asked, Yesudas had only one thing to say that the sub-broker has done this on his will. Does this mean that any Tom, Dick and Harry has the access to misappropriate funds in a customer’s account without their knowledge and the Company has also been encouraging it, ignoring their customers interest and on other hand being greedy to fulfill your monetary ambitions.

d. Further to this meeting in the month of December with Yesudas, I had received a courier in the month of February (the first courier ever received from your company), which was a statement of my account transaction for February 2011. Yesterday that is on 7th March 2011 I had dropped in to your T.Nagar-Chennai office and met Yesudas and asked him to reason out the deposit of Rs.45700, and again no reasons could be provided by him.

With mis-appropriation happening to this extent, I hold the sub-broker and BMA Wealth Care responsible for the loss of my hard earned money. I have been deceived from the very day I had invested money with you by non-dispatch of necessary documents, lack of communication along with mis-appropriation of funds.

If the company after receiving my mail, still fails to take necessary action in compensating my loss I will be left with no choice but to approach MCX to sort out this issue.