Groww User Alleges Fraud Over Deducted Funds Not Being Invested; Platform Issues Clarification

Although the user's original post has been deleted, screenshots continue to circulate on social media

Groww said that they had credited the money back to the user's account as a goodwill gesture.

Source : @_groww/ X

A user of the Groww investment platform, Hanendra Pratap Singh, recently alleged on social media that his funds were deducted without being invested in a mutual fund scheme. Singh's post claimed that Groww generated a non-existent folio number.

Singh discovered the issue when his sister attempted to redeem the investment, only to find that no actual investment had been made. Although Singh's original post has been deleted, screenshots continue to circulate on social media.

Mutual fund platform accepted money for mutual funds, but didn't invest it.

Do you use this platform for SIP? pic.twitter.com/o7Zy9mz0Pf

— Rohan Das (@rohaninvestor) June 23, 2024

Responding to one such post on X (formerly Twitter), Groww acknowledged the error, stating that "the customer's dashboard erroneously reflected a folio." However, the platform clarified that no transaction had occurred and no money was deducted from Singh's account.

pic.twitter.com/dr5pKN2jou

— Groww (@_groww) June 24, 2024

However, Groww in its rebuttal said that upon investigation it has been found that the user's account was showing an incorrect investment due to a recon issue. As per Groww, the customer never made this investment and no money was deducted from her bank account.

In an X post, Groww mentioned that the issue has been resolved. Groww also mentioned that they had credited the money back to Singh's account as a goodwill gesture. The company requested a bank statement from Singh to verify any debit related to the supposed investment.

The platform stated that it has resolved the issue by deleting the erroneous folio from the user's dashboard, addressing Singh's concerns.

This incident highlights the importance of vigilance and transparency in online investment platforms, ensuring users' trust and confidence.