Dear Sir,
I wanted to launge complaint against share advisory firm located in Indore, Madhya Pradesh with SEBI registered No.INA[protected].
I got a call from one of their executive Mr.Siddharth ( ) on dated 12th Febraury 2019 regarding stock market tips for intraday trading. He explain me that they will provide 6 calls weekly on alternate days in market each will give minimum of 7k profit with 50k capital. Also he told me that if profit falls below 7k that call will not be considered.
Upon asking regarding loss scenario he told they will have risk profile management for my account so if any losses would occur they will refund me 80% of the loss amount. Ask me to pay 4100 INR to start the service.I paid in the evening and waited next morning for their calls.
Next morning he called me and asked me to pay around 14750 for User Id and password generation.When i refused to pay he insisted that the amount you are going to pay is very less as compare with profit you are going to earn so dont worry please pay the amount and start your services. I got comvince some how and managed to pay him.
After that I got call from some of his manager Mr.Pillai he told me that the amount you have paid government has deducted tax from it so difference amount of 6562. Otherwise we will unable to activate your services.I was in stress at that time and some how I managed to pay and ended up making payment of approximately 25000 INR. Also i asked him that if any further hidden charges i have to pay? He said no this is the last ammount you have to pay.
After making the payment again that manager called me asking for more money for the next process of account linking of approximate 48000.I was shocked by his statement and refused to pay the amount. His executive continue called me after that but i kept on ingnoring his call as i dont wanted to talk to them.
On 25th Feb executive Mr.Siddharth called me from some different no.i picked the call he said u dont have to pay whole amount you can make payment of 12500 only and the remaining amount you can pay after profit.Still i refused to pay but some how i got convinced and next day i made payment of 12500 to them.
Very next day he has provided the call which has given approx 2000 profit.He asked me make another payment of 25000 for next process of link attachment.I was very angry on him as he was only asking for the payment i asked him i will not pay any single rupee untill you give me profit of the same amount.
He said ok will.in my acount and will give profit.
Next day morning he managed to make profit of 8k against which he asked me to make the payment, still i was in confusion for the same.He told the otherwise the payment which you have made till the time will be of no use.Due to fear of losing earlier paid money I made him the payment.
Next day he traded in my account which cause me loss of approximate 22000 rupees.
I called him in the evening regarding loss he said dont worry you will get refund of 80% amount as per your risk profiling management.
Still he was saying that 8000 payment is still balance for my side for account approval.
I said first recover my loss then only i will pay.
He stopped trading in my acount for few days.Upon asking he said market is side ways now we will trade once market will be in trend.
After some days he called me saying that u dont have to pay 8000 if you make immidiete payment of 4000.Some how i agreed to pay.
Next day morning he said due to delay in payment time your offer has expired now you have to pay 4000 again as remaining amount.I made him the payment.Next day his manager called me said your all formalities has been completed now we can start trading but before that i have to make your complete file for that you have to pay 25000 rupees.
I refused to make the payment but he said otherwise you will lose all the money you paid till now due to fear of that i agreed to make the payment after making the payment he agaun called me saying that i commit you profit of 375000 rupees in this month and your service will be free for next three years but for that you again have to pay 26500 tax amount on 375000 rupees so you dont have to pay our service charge for next three years.
I was very angry at that time but i just wanted to finish all this process and start earning.
So i made the payment.
Next day he traded i my acount and given profit of approx 3000 rupees.He called me after market hours saying that you broker is not giving enough margin for trading so you should better open trading account with us by depositing 50k and take profit of approx 3.50 lac at the month end. He trandfered the line to his manager he also assures me the same but i refused to pay it saying i dont have any single rupee to pay you now.
Very next morning he traded in my account and incured loss of 34000 rupees.
Upon asking he said call was provided by our expert but due to some problem call went wrong.I asked him, what about risk profile management of losses he said it is only applicable for trading account opened with us i argued with him that why didnt put stop loss he said dont worry we will recover all your losses but for that you have to maintain 25k in your account i was so desperate to recover my money that i have added 25k in my trading account.Again after some days he started trading in my account and guess what again loss of 20000 rupees.
Till now i so broke up that i have made them approximately 1.4 lac payment and losses in my account aporoximately 60k total of 2 lac rupees.
Still he is calling me and asking me to put money in trading account to recover losses i said i dont have more money i have loss everything, he suggesting me to take personal loan and i will give you assurance that i will recover your loss and emi amount but i dont want their services which gives such huge losses.I just wanted refund of my hard earned money.
These organizations are fooling innocent people in the name of stock market tips provider.Please beware of such fraud companies. And please help me to get my refund.I am in a big financial trouble right now which is affecting my life physically as well mentally.
I have details of payment made to them and also call recordings and text messages.
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