[Resolved]  Karvy — Shubhi Agro and Dairy products NCDs investment through Karvy

Address:Pune, Maharashtra, 411038
Website:www.karvywealth.com

I had invested Rs.10 Lacs in the NCDs of Shubhi Agro Dairy products through Karvy wealth, last 3 quarters they have not paid the interest and also the NCDs were due for redemption last 3 quarters ... I am facing lot of issues with Karvy Wealth as they don't respond... they charges 3 % fees and gave assurance that they take 2.5 times of the security... but all is fake. They are hand in gloves with the borrower organization and cheat the investors of their hard earned money. All my financial plans are gone for toss... I am in high stress as I need to support my children for higher education abroad and my money is locked with no promise from Karvy Wealth. The RMs of Karvy Wealth are very dubious and hide the information or they are least bothered of the customers. Once the product is sold they go in don't care condition after they get the 3% fees on Rs.10 Lac investment (min. ticket size).
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Sep 23, 2016
Complaint marked as Resolved 
Karvy customer support has been notified about the posted complaint.
Aug 22, 2016
Updated by ntm2665
We are not able to understand where can we complaint about such frauds and who are the regulators for such products. Is it SEBI or MCA.
Verified Support
Aug 22, 2016
Karvy Customer Care's response
Dear Sir,
Kindly let us know your name and contact details on [protected]@karvy.com to enable us to get in touch with you on your query.

Assuring you of the best of services,

Best regards,
Karvy Private Wealth
Complaint comments 

Comments

Cust ID 215331
online trading blocked and unable to do trading
please reset the abovesaid ID
forgot password and like to change the password
mob No [protected]
several times telephoned to customer care but not corrected till now
therefore, no trading takesplace for last few days
email [protected]@gmail.com
The facts Are;
  [1]Shubhi has NOT paid interest for the last 15 months.
[3] Karvy Wealth has been pursuing the matter with the Company but apart from conveying that they are in process of raising funds or making arrangement with SBI for loans, nothing has happened.
[4] what is the procedure is for removing such security from the concerned Demat A/C.
[5] The investors are being verbally informed by Karvy Wealth for the last 6 months or so that we would get our dues within a month.
[6] For the last month one or two,   Shubhi has been appealing through Karvy Wealth to accept 50% of the face value of the NCDs & forego outstanding interest.
Kindly urgently provide investors with contact details of Shubhi to resolve the matter urgently.
Thank you.

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