[Resolved]  International institute of Financial Market (IIFM) — Fraudulent company claim about job placement with salary of rs1 lakh to freshers

Address:

Delhi

IIFM is an institute in Kailash Colony, New delhi. They have advertised a job on various job portals including naukri.com, shine.com etc. The job is about a stock market trader who will be placed in a trading company and will be given some fund which the candidate have to invest in stock market, commodity market, currency market and will be responsible to generate profits for the company. The compensation include Rs. 10000 fixed plus profit sharing which may range from 10%-30% on the profit generated.They claimed that in first month candidate will earn rs. 25000 and from the 3rd month onwards rs 1 lakh. They specifically mentioned that you dont need any prior experience and knowledge in the same field and they will give you training for complete 1 month and will prepare you for all the requirements of the company. For this they will charge Rs. 35000. The admission will be based upon their screening process which include an aptitude test and after clearing that aptitude test an interview where they will evaluate candidate and candidate can also ask any question that he may have. Their requirement was only that after the training the candidate needs to pass 2 exams conducted by BSE and NSE. The job placement was guaranteed immediately after the completion of the training that is after one month of commencement of training. I thought of enrolling into this program. I cleared the test conducted by them with a good score. I was prepared for the interview so that i can clear all my doubts which i have. I was in contact with several stock market people so i also asked them about the opportunity and what all questions should i clear about. During that session i made through their screening and convinced them that i am the right candidate for the job offer. When it came to my questioning, I asked them all the questions i was prepared for. I asked them whether this opportunity is about arbitrage. Arbitrage is a trading profile where the basic job is to gain from the mispricing in the market and it is easily available in the market. They simply refused that it is never about arbitrage because markets are getting efficient and mispricing are rare to found and arbitrage has no future. We are providing you job where you will play directional and single sided. It is about investing in markets single side with the use of technical analysis. so it is not at all arbitrage. Other question was about algo trading. Algo trading is trading which is done mechanically with the use of the software. This does not require any skill because codes for trading is already entered into the system. That just requires an operator to feed. They refused for even this. They say why should we provide job for mechanical trading and charge this much of amount. This cleared my doubt about it also. The next important thing is whether do i have to sign any bond. For this also they refused and told me that this profile is about investment and company itself do not want to get stuck by signing the bond. So they specifically mentioned that there will not be any bond. After few more important questions i agreed to join their program. They were full of professionalism till they receive the fees. After that they started showing their true colours. They started off with the training which they claim will be for 1 month but lasted only for 10 days maximum. That training was a complete blunder which i thought that without this training i knew more than what they teach. I asked them about this but they said that this is all what company requires and we are not here to teach you complete technical analysis. This is all we have in the training and this is all that company from you people. It was just unsatisfactory answer but i didn't had much in hand because i was not there for any course. Next was to pass exams of NSE and BSE which i cleared. Now training was over in 10 days and as per their commitment they just need provide placement just after completion. They always said that they are already in talk with company and your interview can happen any day. They were saying this since the first day of their training and this was also one of the reason they said that the training is completed so early. After completion of training, every day they said that tommorow may be your interview will going to happen. This tommorow came not before three months. Previously they have completed 2 batches and i was in contact with some of the candidates. The last batch was placed in SMC global securities. They started working there only 15-20 days before my interview. So i asked them how is it going in SMC. And they all were very disappointed and were feeling betrayed. They told me that here profile is not even 1% of what these people claimed. This job is about arbitraging and there is no use of technical analysis and they were not even allowed to see charts. They have signed a bond for 3 years. This all was completely against their claim. Even profit sharing was not like what they explained. Profit sharing in SMC is 10% on the profit generated above Rs 75000. So till 75000 there was no sharing. And it was also confirmed from the employees already working in SMC that it is just impossible to earn even 75k. I along with my batch mates tried to conduct various meeting with the program officials. First of all meeting was conducted with Mr, Hemant Bisht, head of this program. His answer was always unsatisfactory. He just claimed that there is nothing like that and why these people are doing arbitrage is beacuse SMC is building its office and they are soon going to start directional trading based on technical analysis. Again i was in contact with the previous batch and was very concerned about their problems. They were not at all satisfied. We did couple of meeting with Mr. Hemant but after not getting proper answer, we thought of conducting meeting with Mr. Pranav chaturvedi, Director of this institute. He said the same thing as told by Mr Hemant. Regarding arbitrage, he said with 3 months you will be shifted in directional and for bond, he told, that in India bond doesnt matter. you go there and work. If you dont like it then break the bond. Its India. We were shocked to listen all this from the Company Director. Now again with unsatisfactory answer we waited for the interview in SMC. When with lots of patience and wait, interview was conducted, we thought of getting complete knowledge from the company itself so that we should not ruin our career with their money making trap. It was the group interview and was first with HR of the company. She told us that for this job there is a bond and that is for 3.5 years in which company do have the right to terminate us. If we breach the bond then we have to pay penalty of Rs. 8 laks. This was shocking as it was never committed by IIFM. And even they were asking us to break the bond. It was also cleared that the job was about arbitrage without any technical analysis. I cleared the first round which was written aptitude and knowledge test. As all candidates in were interviewed, only i was left dur to some urgency of the HR. She called me the next day. Now it was like individual interview. After she was done with my screening, i told her everything about the promises and our expectation. I told her what IIFm committed and what we are getting. She was also convinced and told me that even the previous batch they hired are unsatisfied and IIFM claim is total false. There is no technical analysis and we not hiring for that. You will not be able to go into technicals before 5 years. I cleared everything from her. After that i talked to IIFM officials about the meeting specially the trainer and the head of program, Mr. Hemant. Hemant tried to convince me but my question was only that is this opportunity is as per the commitments made by you people and do you think is it worth to pay you people and get this opportunity. I asked him to first clarify all these things than only, i will go for the next round which was with the director of SMC. I was trying to convince me to first appear for the interview but i told him if i appear for the interview then the offer letter will be generated and you will be freed from you responsibility. I told him that i am ready for the interview but first get all those commitment for which i paid you. He was convinced and said to me okey, you dont go for the interview and i am commiting this. He agreed that this was not the promise that we made. He said okey i will arrange another company for you but for that i need 1-2 week. I was satisfied this time and allowed him to correct his mistakes. 3 weeks were passed and there was no response from him. We batchmates tried to contact him but he never picked up his phone and was trying to ignore us. One day we went to his office in kailash colony and did a meeting. There we told him that you never had anything that you claimed and these 4-5 months we are just roaming around you people to get the job. He asked us what is the next thing he want from us. These people also claimed that they will refund Rs 20000 if they are not able to fulfill their commitment. So we told him that you give that refund and free us from your association. He agreed but asked for 1 last chance. he said what we can do is we will give you people post dated check for 1 month and in these 1 month if we are not able to provide you job then you can encash that check. We also thought of giving the last chance. he said that we will get a call tomorrow and we can come and collect our checks. We waited for that tomorrow for 2 weeks and still the process of not picking the calls went on. After 2 weeks, we were forced to again go to their office. Now this time we told him that now we dont want to give you any more chances and you straight away give our refund back. This was decided in the meeting and he also committed to give the checks for rs 20000 but our claim was that why is he deducting 15000. Earlier their claim was that 15000 will be deducted for the training they are giving but we had not received any training. He said that for that he need approval from Director. But again as per their commitment this approval never came and still they were not contacting us. After our continuous efforts, one of my batch mate conatcted them and they told him that we will receive checks on the date committed in the previous meeting i.e. that one month post date and without any condition of job. We thought of waiting for that day. But day before that final date, they told us that they have found a company where they can provide the job committed but we refused for that because through these months we were only watching non commitment and unprofessionalism from their side. That day of final settlement passed by and they were forcing to give interview in that company. they said that if you dont like it then refuse for it and we will refund you. I only agreed on the condition that if dont want this opportunity then i will not be asked anything and will be given the full refunds. Just my saying no will solve the purpose. I appeared in the interview and was selected. That was actually a part of fraud from them. When i joined, i was not even aware what i suppose to do because that company never do trade on the basis of technicals. They dont even have the resources for that. I asked the director of the company about the details and told them why i am here and what are my expectations. The director refused all that claim and told me that these IIFM officials told me that we have some students and we want to give training to them so please take them for few days and for that you also take some money from us. I aksed the IIFM officials about the details and they refused such claims. They told that this is for our other students and it is not related to you. I called them and they had a meeting with the director where they convinced him to allow me to trade on 5-10 shares, which is actually a shame for a trader. Then we had a group meeting, it was decided that for 15 days, director will evaluate my performance and based on that will increase my fund size and will provide software for technical analysis which costs around rs 1 lakh. To past the evaluation, IIFM will provide me training and i just need to do whatever they are saying. It was somewhat convincing and i confirmed from them that i will be still given the refund. From the 1st day onward, employees from that company never behaved properly with me. They always abuse me. I was stunned with their attitude but then i got to know that this was already plotted by IIFM so that i left that organisation on my own will and they dont have to pay my refund. But i handled the situation very patiently and never uttered a word for their misbehavior. The training that they promised in these 15 days was not given and these people again stop picking my calls. After 15 days, i was told my the director that the base and foundation of the job is not at all correct and you were informed something else and i was with something else. Its a fraud and there is no point of continuing this job. So i will give your 15 days salary to IIFM and you collect it from them. When i contacted IIFM officials, they were not ready to pick calls. Some how i contacted Mr, Hemant, and started abusing me. He told me that it was all fraud and you do whatever you can do. We were full on with their gunda gardi. I tried to contact Mr. Pranav, and decided meeting with him. In that meeting, it was clear from his words that it was all fraud and they just misguided us so that they can provide candidates to SMC with which they have contract to send cheap employees for arbitrage. In that meeting i was very polite and full with professionalism and i wanted this to end with peace but they had other things in mind. That meeting last for about 4 hours and in that meeting they abused me, shouted on me, and even tried to physically abuse me. It was pathetic from their side. They were 4-5 officials in that room and i was not allowed to speak. I thought it better to get away and think what should be done. I write the mail to the Director of IIFM to get the final confirmation from him whether is willing to provide the refund or not so that i can go with the legal proceedings. I didnt received any reply for them. I again went to their office, and he refused to meet me. When i tried to contact him, he showed his full arrogance and told me that we have offer letter for you from SMC and our commitment is fulfilled and now we are going to file a legal case against you. This was the final word with them.
These people are real frauds and their aim is to trap young professionals who want to successfully make their career in technical analysis and trading. Please ignore such institutes and placement companies who claim job guarantee and for that they ask for money. This institute IIFM also runs another institute at same place famous as Pratham in kaislash colony.
I hope this complaint will let many young professionals from getting trapped in such a fraudulent activities.