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[Resolved]  Fairwealth Commodity Broking Pvt. Ltd. — Squared off All Hedged Positions

FAIRWEALTH COMMODITY BROKING PVT.LTD.,
UG-38 SOMDUTT, CHAMBER-II, 9 BHIKAJI CAMA PLACE, NEW DELHI-110066 is a fraud Broker.
They Had sent their Executive Mr. Ritesh Bhatnagar to open a trading account in commodities.
When they cheated me my positions were hedged and about Rs. 23.00 Lacs were with them including CASH and MARGINS. I was trading online. When I requested them for Pay out they made a cheque, debited my account but did not send it to me. Then I did not ececuted any trade for 3 days and when I came back all the positions were squared off. When I phoned they said that due to losses the margin was short and due to negative balance the positions were squared off. I asked them the acoount and told them that the positions were hedged so how the loss was there? They could not give any satisfactory reply. I lodges a complaint with MCX. MCX replied that the positions were squared off by Fairwealth but no action was taken. Ultimately I had to lodge a FIR in police still pending.
I suggest that be ware of Fairwealth and other brokers as MCX, NSE, BSE SEBI are not taking any action against such fraud companies.
Other companies cheated me are Arcadia Shere & Stock Brokers Pvt. Ltd, Mumbai. They have deposited cheques in their commodity firm Arcadia Commodity and similar other I will write in next complaint. Never keep huge amount with such brokers.
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  2 CommentsShareTweet

Comments

I agree completely, and i really wonder as to how can they cheat so openly with no one taking any action. fairwealth also cheated me of around 93000 rs by showing profit initially and then saying that there was a loss in trades which i never authorized. In case some one knows as to what action can be taken against such fraud brokers, pls do let me know. i also have a letter signed by their employee which says that they have done wrong and i should be paid back.
Dear Mr. Vibhor Mathreja

we can have a way out for your problem. kindly call me so that we can discuss it in detail.

regards
Virendra Dugar
[protected]

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    FairWealth Securities [FWPL] Phone
    +91 12 4302 4400 [Query on Franchise]
    +91 12 4302 4900 [Query on Franchise]
    FairWealth Securities [FWPL] Address
    651-652, Udyog Vihar, Phase V, Gurgaon, Haryana, India - 122001
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