[Resolved] India Infoline Limited — Neglect on Part of India Infoline
Sh. Deepak Arora age 24 yrs of India Infoline Pvt. Ltd. contacted me on phone to become my portfolio manager to manage my share trading account. I told him I was not interested. Thereafter, he pestered me till I finally gave in. He told me account opening was Rs. 5000/-. Thereafter, nothing else was required. After opening the account, he further pestered me till finally I gave in and put into my account Rs. 130,000/-.plus the initial Rs. 5000/-. I signed a lot of papers and in my ignorance may have made many mistakes.
2. Thereafter, telling him not to do anything as I would be away from Delhi for about a month and hence, would not be able to trade on my account.
3. On returning after a month, I discovered to my horror that there was a balance of only Rs. 30,000 in my account as Sh. Arora who had no knowledge or experience had been trading on my account by asking people in his office or in the corridor of his office building as to where to buy and sell and was continuously losing money in a sharply rising market Sensex going up from 12,000 points to 13,000 points during this period.
4. On confronting Sh. Arora, he said he would recover the money within a month. This did not happen and hence, I approached the manager of the branch, Sh. Ramashri Rai.
5. Sh. Rai then took over the account but the recovery over 2 months only brought the account to a balance of Rs. 40,000 and he also said he could do no further while the sensex continued to move upwards.
6. Fearing further losses, I closed my account and took back my Rs. 40,000 and started correspondence with the Head Office of the company.
7. I only got evasive answers and nothing conclusive in their mails and lot of time elapsed in this correspondence.
8. I was polite in my correspondence though, I was fuming inside in the hope that this company would see reason and make some effort in either trying to recover my funds or compensate me adequately for the torture that they had put me through but this was to no avail as they seem to have had no interest in either me, my funds or the future business with me. Their only interest seem to have been to make money in their commissions and to see that they would be able to train Sh. Arora who seemed to me to be semi-educated and knew nothing of the stock market. In the bargain, I lost a lot of money.
9. After much correspondence where the company was pretending that they did not know where Sh. Arora was as he had already been dismissed from their service and not knowing the where abouts of Sh. Rai who happened to be sitting as the Branch Manager in the Branch Office.
10. Having failed to make the company see reason, I threatened them with taking the matter to the authorities concerned and putting the matter on the internet, they sent me a mail stating that I should meet Sh. Rai in his office and he would sort out the matter.
11. I was quite elated hoping that the matter would be resolved, not realising that this was another ploy by the company to delay matters being a simple Senior Citizen of this country. I was again horrified at the attitude of Sh. Rai who told me that I could go and do my worst and he was not interested in my case.
12. I now came away and spoke to some of my friends who were actively involved in the Stock Market and told them the history of my case and under their advice I dispatched a complaint to SEBI. Apprising them of my complaint I am putting this on the net that in future no one is duped in this manner of their hard earned money in these highly inflationary times when people like us have no recourse or resource to raise funds so that we can keep reasonably well fed and housed during the so-called golden years of our lives. I would also appreciate if people who are reading this would mail me back and let me know about their experiences and advise as to what course of action one could take against corporations who deal with people in this allegedly fraudulent manner. I shall of course also try to take the matter to the consumer court as I have suffered extreme agony mentally.
Complaint marked as Resolved Aug 13, 2020