[Resolved]  Karvy — unethical practice/false communication at karvy fintech

This is to bring to everyone's attention on how unethical & clumsy Karvy Fintech has been with regard to its services towards its product: Deep Discount Bonds.

We had bought an IDBI Deep Discount bond (DDB0236868) in 1992 and wished to encash the same after it stood matured.(Rs1, 00, 000)

The initial pain came along, on reaching out to Executives at Karvy Fintech on confirming if they were in receipt of my documents with numerous emails from Karvy giving different answers.(Indian Consumer Complaint No: 2206084)

Eventually, We did receive a confirmation, that Karvy had received our documents and would take 30 days to process the same.

We waited for over a month and again sent a request to update us on our encash request and were completely appalled when they told us we would get only Rs.20000 against the promised sum of Rs.1, 00, 000.

When we inquired on why we wouldn't get our promised sum, (again wait for days for a proper response), we were told this specific type of bond has been closed and the bond holders were duly informed. The bonds are no longer supported by Karvy.

Here comes my grievance and concern:

1. I have not received any communication from Karvy regarding closure of my bond. Where is the communication? Share a proof.

2. If you knew about this concern, then why did you make us wait for 30 days to share this update ? Were you devising some answers/excuses, to avoid confronting clarifications.

You took my money, made a promise, and when it came to deliver, you haven't upheld your terms & conditions. This is unjust and is at par with a scam.

I caution my other fellow Indians, to please be wary of such financial services and take note of this ordeal, I have been through.

At Karvy, I won't request but demand an explanation.