[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.
Complaint marked as Resolved Aug 14, 2020