A Groww user raised allegations of fraud after money was deducted without actual investment, prompting the platform to issue a clarification and refund the customer’s funds.
Hanendra Pratap Singh, in a now-deleted social media post, accused Groww of not investing his money in a mutual fund scheme despite the deduction. He claimed Groww generated a fictitious folio number that did not exist.
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
Then what is this? pic.twitter.com/IpIdu18yaa
— Rohan Das (@rohaninvestor) June 23, 2024
Singh discovered the discrepancy when attempting to redeem the investment, and screenshots of his social media post were circulated by other Twitter users.
Responding to these claims, Groww acknowledged that there was an error where the customer’s dashboard incorrectly displayed a folio number. However, Groww clarified that no transaction had occurred, and the money had not been debited from Singh’s account.
The platform stated it had refunded the amount as a gesture of goodwill and requested Singh to provide his bank statement showing the deduction for further verification.
According to Groww, the issue has been resolved, which Singh acknowledged in a subsequent post stating that the fictitious folio had been removed from his dashboard.
