They collected cheque for an online trading account around 12th August 2011, despite follow-ups, dint create account till second week of September. They encashed the cheque on 29th August 2011, however dint open the account till 13th September. After that they started trading on their own without taking my consent (they wanted me to send an email for the consent, however as they never communicated the brokerage terms and gave access to the account, I never did that).
By the end of 14th September I received an SMS telling that I have an outstanding bill of around 35k! I immediately called the broker (Karnataka Brokerage Head) and asked for clarification. He said he has started trading as he felt was the right time to do so and there were issues during the first trading day and they are not entirely losses but are notional and will be covered by the following days. I still insisted that why I still don't have access to the account and I have no info on the brokerage as well. He promised to call the following day, but he never called back and kept making me loose thousands each day.
SMS's were the only info I got, that too not every day and I started escalating the matter to the compliance officer of Future Capital Holding, no update or refund was given to me and despite all escalations, trading continued on my account without any information at all till the end of October.
When I told them that I will have to file a police complaint on this, this person calls me and threatens to cause harm to me if I go to the police and told that police cases are not new to him and he is not afraid of such complaints.
I filed an FIR after recording the conversation with his complaint and producing a CD to the police, nothing is done by the police (except for them telling they are "investigating") and they never refunded my funds in the past 2 months and never responded to my emails except for one initial reply that the transactions were made as per my "instructions" despite me writing clearly that I am not even kept aware of those transactions till date!
I have reported this issue to SEBI last week after copying their senior regulator in my correspondence which dint yield any response.
I request all the investors to beware of such fraud organization as I am unaware of any action taken against this employee after my written complaint to them and despite the criminal intimidation he did by calling and threatening me using abusive language.
By the end of 14th September I received an SMS telling that I have an outstanding bill of around 35k! I immediately called the broker (Karnataka Brokerage Head) and asked for clarification. He said he has started trading as he felt was the right time to do so and there were issues during the first trading day and they are not entirely losses but are notional and will be covered by the following days. I still insisted that why I still don't have access to the account and I have no info on the brokerage as well. He promised to call the following day, but he never called back and kept making me loose thousands each day.
SMS's were the only info I got, that too not every day and I started escalating the matter to the compliance officer of Future Capital Holding, no update or refund was given to me and despite all escalations, trading continued on my account without any information at all till the end of October.
When I told them that I will have to file a police complaint on this, this person calls me and threatens to cause harm to me if I go to the police and told that police cases are not new to him and he is not afraid of such complaints.
I filed an FIR after recording the conversation with his complaint and producing a CD to the police, nothing is done by the police (except for them telling they are "investigating") and they never refunded my funds in the past 2 months and never responded to my emails except for one initial reply that the transactions were made as per my "instructions" despite me writing clearly that I am not even kept aware of those transactions till date!
I have reported this issue to SEBI last week after copying their senior regulator in my correspondence which dint yield any response.
I request all the investors to beware of such fraud organization as I am unaware of any action taken against this employee after my written complaint to them and despite the criminal intimidation he did by calling and threatening me using abusive language.
Update as on 13th June 2023: They sold their assets to Philips Capital which is billing maintenance fee of the residual amount and not allowing our funds to be transferred to account by selling the residual holdings
SEBI couldn't help with arbitration nor Police was able to arrest the alleged Criminal employee till date!
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