[Resolved]  Reliance Money — Limit Card Problem and deduction of balance from Demat Account without and intimation to Customer

You are right Sir, Relicance Money is a big cheater. Very poor customer paining service. No solution of your problem. My self is also cheated of Rs. 2500/- by debiting in my account in the name of Limit Card.

My complaint is still pending with them

BIG Cheater Company...

Reliance Money
Posted:[protected] by Akash Tambi Send email
Limit Card Problem and deduction of balance from Demat Account without and intimation to Customer
Subj:- Deduction of balance from the Account without any intimation to Customer, Limit Card Problem.


I am using Reliance Money Online Trading Account for which i have paid Rs.750 at the time of joining.I was told that i have to pay just Rs.750 and I can trade for Rs.5 Lacs or a year and my account got activated in the month of Nov or Dec 2007.

Now What I see is there is deduction of Rs.2500 from my Demate Account.

I have spoken to Customer Care Executive of Reliance Money, they said that I am using Bi Monthly Package for which there is deduction of Balance. I don't Understand at the time of joining your Executive say something and sell the product to customer .Later the Customer come to know that he is been cheated.

I have also given Complaint in Reliance Money Branch Office Pune and spoke to Priyanka, Ujwala asha who are employees of the same organisation, even they gave some stupid excuse. And it's been more than 2 months my money is blocked by the Reliance Money. The contact Number of Reliance Money Branch office is[protected].

I request the Consumer Court to take proper action on Reliance Money and so that this correction is made for all the customer who are facing this problem & the balance is transfered back to their account. Because Rs.2500 is a huge amount .

I would appreciate the Indian Law if the problem is solved.

Thanks & Regards

I am having a demat account with Reliance Money and I am trading since April 2008, but suddently in the first week of March 2009 they deducted Rs. 1000 from my account for bimontly limit card before the end of one year of trading. They have not intimated this sudden increase in limit card fees. Repeated mails to customer support is yeilding no result. I request all the people suffering from this problem to report this matter in leading news paper, so that further people who wish to join Reliance Money should be alerted. It is better to stop trading with Reliance Money altogether and start trading with some reputed firm. If possible the affected person should file a law suit against it if the problem is not solved.

I am also facing same problem. They have deducted Rs. 1500/- from my account.

reliance money has taken 1000 rupee from my demat account without any intimation.[protected]@yahoo.com

Hi,

Same is the case with me and these guys are not responding. I advise all the new and old traders NOT TO TRADE with Reliance money. They are liars.

Please guide me how shoul we bring these culprits to justice. They deducted money from account without informing me and without any reason. I worte many mails but no response.

Lets get togeather and teach these cheaters a lesson. I am surely going to get my account cancelled.

Please never trade with Reliance money.

Thanks,
Varun

Reliance's all the services are provided for cheating only.You can check with any service either it be reliance money, phone etc-2.. i have faced the same kind of situation, still keeping the account but keeps the balance zero so that i can track if they charge for anything useless and on their own.

if any companey do HAIRA PHERI should be punished and rewarded thos person who effected the problem and disprased

ON THE ONSET A WARNING TO ALL RELIANCEMONEY CLIENTS

IF YOU HAVE SIGNED A TRIPARTITE AGREEMENT AND MANDATE THE RELIACEMONEY PEOPLE CAN ACCESS YOUR ACCOUNT WITHOUT YOUR CONSENT OR KNOWLEDGE

I AM A VICTIM OF A FRAUD WHEN MY SHARES WERE SOLD WITHOUT MY CONSENT OR KNOWLEDGE FROM MY DEMAT ACCOUNT ON 16 FEB 2009

THE PAYOUT CAME ON 17 FEB 2009

THE MONEY WAS TRANSFERRED TO ANOTHER INDIAINFOLINE FAKE ACCOUNT BY DOING F&O CROSS TRADE WITH THAT ACCOUNT

WE LEARNT OF THIS ON 19 FEB 2009 WHEN I GOT A PHONE FROM RELIANCEMONEY MUMBAI TELLING ME TO MAKE UP THE LOSSES. MIND WELL THE CALL WAS TO TELL ME TO MAKE UP THE LOSSES. THIS HAS HAPPENED WHEN MY ACCOUNT HAS BEEN DORMANT FOR ABOUT 6/8 MONTHS

THERE ARE FOUR MORE SIMILAR CASES BESIDES ME AND WE ARE IN A GROUP

WE HAVE BEEN RUNNING ABOUT IN CIRCLES AND RELIANCEMONEY IS NOT TAKING ANY RESPONSIBILITY
THAY ARE PASSING IT ON TO THE SUBBROKER

PLEASE BEWARE THAT THERE IS A MASTER TOKEN WITH SUBBROKER WHICH WILL OVERRIDE THE SECURITY TOKEN OF THE CLIENT.
ANY INDISCRIMINATE USE OF THIS WILL CREATE HAVOC TO YOUR ACCOUNT

ONE POSSIBLE SOLUTION IS TO CANCEL THE MANDATE AND TRIPARTITE AGREEMENT AND GO FOR A BIPARTITE AGREEMENT

THUS THE SUB BROKER WILL BE REMOVED FROM THE CHAIN AND YOU WILL DEAL DIRECTLY WITH RELIANCEMONEY. THIS WILL ALSO REDUCE THE BROKERAGE LOAD SLIGHTLY. ONLY THING IS THAT YOU WILL BE ABLE TO OPERATE DIRECTLY ON THE INTERNET OR THROU THEIR
KIOSK. BUT AT LEAST THERE WILL BE SOME SECURITY. THERE IS STILL NO GURANTEE THAT RELIANCEMONEY WILL NOT MEDDLE WITH YOUR ACCOUNT EVEN THEN

PLEASE SPREAD THE WORD