Name of company/service: FROUD
I have been taken for a ride by IndiaBulls and its personnel.
I am an old customer of IndiaBulls with A/c ID- RW 1190.(
I don’t deal in Inter-Day. But the IndiaBulls officer Mr Gaurav (mobile no. 9560072928) prompted me and assured good returns. He assured steady and good profits and presented that not only will I gain the best returns but will also not suffer any blow. I was told that the maximum loss could amount to 5-6 thousand Rupees, if any, against an assured gain of 20-25 thousand Rupees. I was told to repeat his instructions exactly as he said and get it recorded in the Answering/Recording Line. Thus the business began with him. In the beginning, one day I noticed that the release from my PIB A/c was higher than what was expected and he made me trade 2-4 times in a day, in the lots of 500 and 250 and so on. He kept telling me to be assured and that IndiaBulls will earn me profits and not any losses. It was later noticed that often he used to trade first as per his choice and then he would call me and instruct to say in the Recorded Answering Line, whatever he asked me to record. On 1st June 2012 he made 3-4 tradings in one day and even persuaded me to trade post 3:30pm even though I had cancelled the bid that day. Then he called me and asked me to not to think much as IndiaBulls was committed to earn for its clients and that IndiaBulls was doing all it could do in my best interests. I was told to follow his instructions and record on the line exactly how I was told. He asked me to put in a lot of 500 at the rate of Rs. 56.15. But I somehow managed to restrict it to the lot of 250 which got executed. But the next day was a Saturday and this got held. This was causing me anxiety and made me concerned. I asked him to clear my confusion. He told me that my money was entirely safe and secured. But, my account had already lost Rs. 2.5 lakh. When I noticed some trend of decreasing or losing amount in my account, I further asked him. He said that the money was blocked due to so much of buyings and that I’ll get them back directly into the account, if and once I sold the shares. I account kept suffering losses on account of this dubious trading in whatever lot-sizes possible, while the account had also gone into negative credit. Whenever I asked for a clarity on the account status, I was assured and I kept receiving calls from his mobile as well as by IndiaBulls landline numbers.
But, yesterday on 7th June 2012, I was asked to buy a lot of 250 currency of June at a rate of Rs. 55.32 and I was told to sell the same at the market rate, while the market rate at that time was Rs. 55.16. I was also told that the lot of size 250 which was on hold had also reached Rs. 55.68 and that I should instruct the answering line to sell that too. And I was told to record on the answering/recording line to instruct to the July currency lot of 250 to be taken. I objected that I had already run short of 3 lakh Rupees and in the reply to that I was told continuously my money was blocked and will be redeemed when I sell. Then I asked him to sell them off and see if I was being cheated by IndiaBulls and being taken for a ride or if he was right. And I didn’t follow his instructions for July lot of 250 and then I checked my account was showing negative balance of approximately 82-83 thousand while it had positive balance of 2.25 lakh before inter-day trading.
Please look into the matter. This is a serious and fraudulent practice by IndiaBulls of taking customers for a ride.
I am at the moment concerned about my loss and IndiaBulls must own up this unethical practice of creating a system of promoting systemic fraud to dupe its customers.
My money must be returned back and strict action taken against IndiaBulls and its personnel engaging in such criminal practices.
A failure to do so, will lead me to approach SEBI, Police (Economic Offences Wing), Consumer Redressal Departments and other authorities.
Thanking you and with warm regards
Santosh Kumar Srivastava
IndiaBulls A/c ID- RW 1190