FairWealth Securities [FWPL] Complaints & Reviews

Dear Mr. Shukla,
As discussed with you (Branch Manager; Mobile No. [protected]) over telephone on 05th Nov, 12 (1739hr) for the fraudulent trading that happened in my account i.e. without my consent and on your humble request to withdraw the complaint posted on 02.11.12 and 05.11.12.

I am willing to withdraw the complaint on your request, subject to the followings fulfillments form your end and without any delay;

1. Letter of apology for trading without consent form the company.
2. Losses incurred in the account on the basis of trading values (Approx 2.0L). (Loss in F/O, Equities, Commission earned and loss of the time that myself has to spent unnecessary i.e. without any mistake on such a fraudulent trading)

Further I would like to put forward my advice to sensitize the employee(s) of your company who all are responsible for such a happening. Such breaches of trading rights of the clients can lead to really dreadful effect on the business/employees of branch, the company and further can lead to legal action. I am yet to receive any written response from your company w.r.t. this issue; Delayed / No response is not acceptable at this level and that too from a branch head.

Gentle Request: If the matter of fraudulent trading could not be resolved by the branch head then I request you Mr. Gaba Ji to please leap into the matter without any delay and provide decree. The matter of foul trading in my account i.e. without my consent is torturing me up day and nights.

Regards-Tarun


FRADULENT TRADING (TRADE DONE WITHOUT CONSENT): STRICTLY AVOID FAIRWEALTH SECURITIES

Broking House: Fairwealth Securities, Nehru Place Branch

Concerned Personnel: Mr. KP Shukla (Branch Manager- Fairwealth Securities)
Mr. Achal (Manager-RMS)
Mr. Avdesh Rajput (Trade Operator)

With the retrospective scrutiny of my records w.r.t. the month of August, September and October 2012, I raised the alarm for the fraudulent trading done into my account i.e. TRADING DONE WITHOUT CONSENT by team fairwealth leading to loss of 2.00 lakhs (Approx.).

I scrutinized my trading statements from August, 12 till Date: i.e. 24.10.12 and found some major and critical irregularity and violation of trading norms of consumer.

After a trading gap of almost 6 months and on request and assurance of healthy trading by Fairwealth Securities myself restarted the trading with your portal after closing down my trading with Reliance securities and HDFC securities.

The following critical trading irregularities were recorded w.r.t. the accounts:

1. Trade without consent and knowledge.
2. Providing false information to client and hiding the facts.
3. Cheating the customer for earning high brokerages.
4. Asking client to hide the facts.
5. Asking client to wait so that the concerned personnel will add up the amount in account to cover up incurred losses w.r.t. fraudulent trading.

Points Raised and needs to be addressed!

1. Who provided the limit to trade operator for trading? And with whose consent the same was done?

2. Who all are to be held responsible for giving liberty of going ahead with the trade to the trading operator when client consent was not available?

3. When a periodic review of trade of client’s was done why such erroneous trading was not cited by the Branch Manager?

4. Such fraud was done because of operator’s intention of earning higher commission on trading or any team is trying to mislead the higher management and hiding the real facts?

5. Can we put forth the trading sheet and the trading pattern along with the non-consented trading records to third party scrutiny for frauds at the branch?
6. It is ironical / stupendously stupid to view that all the trade that does happen was in debit throughout i.e. Sep-Mid and Oct, only INR 10000 was transferred in the account of Mr. Achal on 12th September, 12 for accounting into DLNNT54?

7. It is highly appreciated and hard to digest that an employee / trade operator of the company smartly deceived so many personnel’s at par and continuously did trading without any fear of any of the Fairwealth Securities personnel’s.

8. For such a fraudulent trading only the operator could not be held responsible, Indeed I am very well sure that the same must be happening with many of your client’s !

It is very clear and evident that the trading was solely done to generate max commission / Brokerage using my money, the trades were continuously executed intentionally and that too such an amount which is way beyond the financial limits of clients and justification!

Further, when myself had a meeting with the site personnel’s, the following points aroused from the meeting and need’s urgent reply and quick action.

1. The trade operator has agreed for the fraudulent trading into the mentioned account in presence of all the concerned personnel’s including the Branch Head, Manager-RMS, of Fairwealth Securities i.e. without consent/knowledge of the account holder.

2. It is to be look forwarded how the trade happened in the account when there was no amount (Clearly Evident From Records) i.e. even than that of 30% of buyer amount was not available; as earlier I always used to receive a call from Mr. Achal (Manager-RMS) for any debit amounts. Is this the fault of trade operator / Manager-RMS / Branch Head and needs urgent attention.

ACTION POINTS

Since trade operator is an employee of Fairwealth Securities; So Fairwealth Securities has to take a call on urgent and necessitated basis for the loss incurred due to fraudulent trading that tended to happen without the consent. However the branch manager is saying it be a personal matter between trade operator and client!
As stated by branch manager the matter is personal between myself and the trading operator but kindly be noted that such statements from your side were like digging pit for yourself. Any complaint that’s tends be lodged will be directly against the branch head as he was supposed to stop the trading even before the client has risen and alarm. If I was supposed to deal with him directly then why the position of branch head is required.
The trade operator has agreed for bearing the loss in front of the fairwealth securities team; however as a reputed and expanding securities company fairwealth securities cannot put the ball in his pocket. The same should be confirmed to me by any of your authorized personnel’s and as documented evidence. The trading loss must be evaluated against the losses incurred from trading, the loss of equity that was intended for long term, brokerage and the sleepless nights of the client.
Hilarious Statements: As per discussion all the trades were mailed to be on the ID which was not linked to myself and my mail ID was updated in your records as Dr.[protected]@gmail.com; effective 3rd Nov, 12 and in presence of Manager-RMS / Branch Head. This again sounds entertaining and fraudulent again as to which Email ID’s the team was dealing with?? Since Mr. Achal (Manager-RMS) was in touch with the ID’s since 2009 (Communication attached for your ready reference of year 2009 with Mr. Achal (Manager-RMS)
It is obligatory and inescapable to mention out here that my account is with the FAIRWEALTH SECURITIES and I am linked to a company not to any one particular employee. Any decision in the regards should come up by the company not by any employee and in promptly justifiable manner and all the culprits should be brought to justice.

Now Mr. Shukla (Branch Head) is requesting me to withdrawn the complaint and stating that they will keep the employee in job despite of his malfunctioning with them till he provides the compensation amount to the client and later on they will terminate him. Myself was surprised to listen such statements of a Branch Manager against his own employee. All these statements and delay in response clearly indicates fraud in the trading happening at that particular site. I request you all too kindly investigate the accounts of all the clients for the fraud trade practice that may be happening at this site.

Mr. Shukla wants me to withdraw the complaint and then he is ready paying back me the losses incurred i.e. Trading Loss + Commission earned + Loss of my job days.

Dear sir,
I started my business in stock market as Authorized person of Fairwealth securities pvt. ltd. on 2ed nov, 2011. I deposited 50,000 R.S. and also paid charges for SEBI registration. For some reason I have closed the business. now I asked company on 16 april, 2012. with sigend letter of franchisee wind up. for refund of my deposite after deducting any bed debt. but there is no bed debt in my any clients account.
After that they asked me for indemnity letter . I also signed that letter and submitted all other documents with it on 5th may 2012. Branch told me within 10 days i will get my money back But still I am waiting for my own money.

please, help me to get back my money from Fairwealth Company.

Dear Mr Tuhin



With Reference to our discussion I am wrting the fraud done to me by fairwealth



My Id is WBWBZ42



My Name is Kunal Chettri



During Puja last year your person named Tanmoy from Fairwealth had called me for Demat A/c opening and trusting his words I opened A/c

He also told me that he will make sure I will get some good profits by trading



I blindly trusted him



I also gave him an A/c Opening cheque of Rs 25000



Out of that Rs 5000 I bought share by myself of Rs 5000 approx of Bharti Airtel



Tanmoy told me that they had bought Futures of Rs 20000 in my A/c



Every week I asked him he used to tell me that it will take some time but I will earn profit



Then as the market went down I asked him whats happeing he told me not to worry as It will take some time but I will earn profits for sure of Approx Rs 3000



I also trusted him blindly and waited

After some weeks he came to me and asked for another Cheque of Rs 30000 which I denied as I didnt have the funds



After one month of this incident he called me and told me that he wants to tell me something but I should not get shocked .I asked him to tell me



He told me that I had LOST RS 20000 in the stock market as the dealer has done traiding in the A/C for his OWN MARGIN and I had lost the entire RS 20000...



HE HAD LIED TO ME AND CHEATED ME



HE TOLD ME SOMETHING AND HAS DONE SOMETHING ELSE



THEY HAVE CHEATED ME AND DONE A FRAUD...



THEY HAVE NOT TOLD ME TRUTH



WHATVER TRADING THEY HAVE DONE THEY DIDNT TELL ME



Infact one day I was told that Mr Tuhin will call and take my approval over the phone asking that everything was happeing with my informatin.



Tanmoy told me to say yes to me as he promised me good profits and I also with trust on him.Didnt deny him



BUT TODAY I CAME 2 KNOW ...EVEN THAT CALL WAS A FRAUD...AS MR TUHIN HAD NOT CALLED ME



NOW I AM MAKING IT VERY CLEAR



I want my Rs 20000 back in one month time



I am a very strong person and can do things legally and If forced to do ..will make you people behind the bars....PLS DO NOT TAKE CHANCES WITH ME



I am a person having strong hold overall legally and politcally



And If I do something ,,,,You people will not be able to take it

PLS DONT FORCE ME TO DO IT



I have already done it in the fast to few people who cheated me ...and they still are behind bars



So I am warning you people...I want my Rs 20000 within one month ...or be ready to face consequences.....



You may call me on [protected].....



CONTACT NUMBER OF TANMOY IS ---[protected]

Waiting for A quick response



Kunal Chettri

[protected]










Thanks and Regards
Kunal Chettri

My Father in lawa opened an account with Fair wealth securities lts for share trading, the organization traded in Nifty and some shares showing a loss of almost 95000/- all this trading was done without the consent of the customer and now no one seems to be responding or giving any clarification on anything.

all mails giving enough evidence of cheating have fallen on deaf ears and no one seems to be bothered.

I have opened an account at fairwealth commodities ltd.

They have done online trading without my consent and caused a loss of Rs 7000/-
Now no body replying
ASHU LAMBA
Contact no.: [protected]

I HAVE WORKED FOR FAIR WEALTH FOR 4 MONTHS I WAS REMOVED BY THE ORGANISATION WITHOUT ANY PROPER REASON, THE AVP OF THE COMPANY SAID THAT HE WILL PROCESS FOR THE SETTLEMENT OF THE APRIL MONTH SALARY AND I WILLBE GETTING WITHIN 45 DAYS NOW HE IS SAYING THAT SETTLEMENT WILL NOT BE DONE . KINDLY HELP ME

FAIRWEALTH COMMODITY BROKING PVT.LTD.,
UG-38 SOMDUTT, CHAMBER-II, 9 BHIKAJI CAMA PLACE, NEW DELHI-110066 is a fraud Broker.
They Had sent their Executive Mr. Ritesh Bhatnagar to open a trading account in commodities.
When they cheated me my positions were hedged and about Rs. 23.00 Lacs were with them including CASH and MARGINS. I was trading online. When I requested them for Pay out they made a cheque, debited my account but did not send it to me. Then I did not ececuted any trade for 3 days and when I came back all the positions were squared off. When I phoned they said that due to losses the margin was short and due to negative balance the positions were squared off. I asked them the acoount and told them that the positions were hedged so how the loss was there? They could not give any satisfactory reply. I lodges a complaint with MCX. MCX replied that the positions were squared off by Fairwealth but no action was taken. Ultimately I had to lodge a FIR in police still pending.
I suggest that be ware of Fairwealth and other brokers as MCX, NSE, BSE SEBI are not taking any action against such fraud companies.
Other companies cheated me are Arcadia Shere & Stock Brokers Pvt. Ltd, Mumbai. They have deposited cheques in their commodity firm Arcadia Commodity and similar other I will write in next complaint. Never keep huge amount with such brokers.