[Resolved]  RelianceMoney — Annual Charges Communication

Address:

Hyderabad, Andhra Pradesh

Hi,
I opened an account with Reliance Money in 2007 with an Rs 500 opening charges which was valid for Rs 5 Lakh Trading in an year. Supposedly, they also opened a email account in the reliancemoney domain. I never used there demat account as I heard that they were not very fair in there business and were charging fraud amounts from the investor accounts without there knowledge.

A few days back (Aug2010) I received an email from them indicating that I should pay the outstanding amount towards my reliance money trading account ASAP, failing which I would be charged 21% interest. Surprisingly in the past3 years I never received ANY communication from reliance money on my email account. When i called up the customer care number Mumbai kandivali branch[protected] I was told that the statements were being regularly sent to the reliance money email Id they had opened for me. I told them that I am not aware of any reliance money email id opened by them and I never received any email on my personal email Id from them in the past 3 years neither did I receive HARD copy of any annual/quarterly statement. If I had seen that I am being charged any annual fee, I would have close the account much before.

Obviously Reliance Money representatives are well aware that the investors do not check there Reliance Money Email Id, and that is why they sent the latest email (regarding 21% interest) on personal Mail Id. This company is a serious FRAUD and using the loop holes in the law to make money.

I request you to try and get the charges on my account reversed as I NEVER receuved ANY STATEMENT of account from them indicating any charges.

regards,
Mohit Arora