[Resolved]  India Infoline Limited — Fraud

India infoline director arrested for fraud


India infoline director arrested for fraud
By: Vinod Kumar Menon and Prawesh Lama Date:[protected] Place: Delhi


Cops arrest top executive after MiD DAY highlighted several complaints o[censored]nauthorised transactions

"I never realised how dangerous it was to keep surplus funds in the broker's account, " said Aarti Gunjikar (43) a housewife from Khar, who was allegedly duped by broking firm India Infoline to the tune of Rs 13 lakh.

On Wednesday, the Bandra police arrested Rajamani Venkatraman (42) co-promoter and executive director of India Infoline on charges of cheating and conspiracy. This is the third arrest in the case.

Gunjikar in her complaint had accused the company officials of allegedly conducting unauthorised trading in her demat account.

Interestingly, soon after Venkatraman was arrested, the company officials amicably settled the issue by giving her a demand draft of Rs 18 lakh (her sum of Rs 13 lakh and interest of Rs 5 lakh).

Gunjikar said, "My case is an example of rampant misuse of loopholes of the security market. Inspite of my written instructions to purchase blue chip shares on market correction, the surplus funds I had deposited in our (Gunjikar and her husband) demat account to purchase shares were misused without our knowledge to trade to the extent of Rs 59 crore just to generate brokerage (Rs 2.66 lakh) for the company.

Modus operandi


Elated: Dr Navneet Rastogi (right) with his father Babulal Rastogi who had accused India Infoline of trading in his demat account without his permission, welcomed the action against the firm, at their residence at Palam Colony, New Delhi file photo

According to Gunjikar, the modus operandi is simple. The firm pressurises the relationship manager to generate brokerage four times their salary or they will be sacked.

The company gets away with the crime as in most cases instructions given by investors are oral, and thus difficult to prove before a judicial forum.

She said, the article in MiD DAY (June 1), titled 'In the line of fire', had helped her to come across many victims, who were duped by the broking firm.

Dr Navneet Rastogi, a victim from Delhi, was happy with the arrest. "Not only me, India Infoline has carried out unauthorised transactions without the knowledge of many clients. The company officials do not even respond when we call to complain, " said Rastogi.

India Infoline, in its statement, said that the allegations made against its executive director, are baseless, false and on frivolous grounds with intent to extort money.

Senior Inspector Prakash George said, "We have registered the offence against all the people named in the complaint under section 409, 420, 506 and 120 (b) of IPC and that the case was being probed from all angles."

India InfoLine — fraud India Infoline.

Hello,

I have purchased praj industries shares (370 shares @ 97.00 )on 12th Oct 2009. As per their brokerage rate, they should have charged me 05 paisa per share. But i got a trade contract email from IIL saying that the brokerage they have charged me is 49paisa per share.
When i chatted with the customer service, they say that i have done a delivery trade, so they have charged me 49 paisa per share , but till now i havenot sold the shares, its still there in my holdings. Then how can they charge me for delivery.

The cusotmer support team is so irresponsible, tht they dont bother to reply properly also. they reply as if they are doing some favour on me.

India InfoLine — Executives Cheating Customers

India Infoline, Koramangala Branch, Bangalore has cheated me by words what they have comitted at the time of signing the application, the executive by name Mr. Dayanand had promised about the products when i was not satisfied with the service what they had comitted before the refund amount was not delivered in time, that too there was the deduction of rs 500 in the amount what i paid, after the lot of followup with the executives after 5 months i received the refund, i request others to kindly not to go on executive words, the executive Mr. Dayanand is suppose to refund Rs. 500 which he had taken thru cash by me at the time of filling the application

India InfoLine doing fraud in brokerage.

India InfoLine — e mail statement

i want email statement from last six months..that means...[protected] to[protected]..
plzzz send the email as early as possible...

Dear Aarti,

We have taken notice of your query and request you to email your query with login id to [protected]@5pmail.com, in order to help us solve your problem. Alternately you can post your query at http://qna.indiainfoline.com/clientquickresponse/frmlogin.aspx or contact customer support at[protected].

Regards,
IIFL Customer Service

the worst people are in india info line j.p nagar bangalore, they dont even has manners...and no.1 for misbehavior, that company is ruined by Mr. and Mrs. Gyanesh jain

India InfoLine — call dnd

some one call me from India Infoline having no [protected] to my number [protected] and disturbed me through my number DND registered. Please do needful

gautam paul

Dear Mr. Dhamale,

We regret the inconvenience caused. Our representative will get in touch with you in the next 4 hours to help resolve your concern.

We appreciate your patience.

Regards,
ICICI Prudential Life Insurance

I have not recieved any call

Dear Mr. Dhamale,

We understand our representative has contacted you and resolved your concern to your satisfaction. Accordingly, a communication has been sent to your registered email address. Is there anything else we may assist you with?

In case of any further clarification, please contact us on our Customer Care number[protected] or write to us at [protected]@iciciprulife.com.

Regards,
ICICI Prudential Life Insurance