Customer alleges Groww wiped folio details of investment, platform says ‘have credited the investor on good faith basis’

livemint.com:

Groww has come under heavy criticism on social media after a user alleged that investment made via the app did not actually happen and that details of the folio were wiped out when the question was raised with the company.Taking to social media, a user accused the company of fraud, alleging that when his sister first invested the money, the app generated a folio and displayed the current amount of growth. However, the issue was discovered when the user tried to redeem the investment.Allegedly, the mutual fund in which the investment was made said that the folio number did not exist.

When the customer contacted Groww, all details were "removed" from the dashboard, and customer care officials claimed the amount was "never invested correctly". The allegations led to much concern on X (formerly known as Twitter) from customers of the online broker.In response to the complaint and social media furore, Groww issued a statement on X, assuring that it has explained the situation to the customer and credited the claimed amount to the investor on a "good faith basis".

"We assure everyone that no transaction took place and the customer's money was not deducted from the customer's bank account in the said matter," the statement read."The customer's dashboard erroneously reflected a folio. We have explained the same to the customer, regretting the error.

We have resolved the reporting issue and are in touch with the customer for any support required," it added.Responding to an X user's demand for an explanation, the account posted: "To ensure that the investor doesn’t get anxious about the claimed amount, we have credited it to the investor on a good faith basis. We have also asked the investor to provide the bank statement