Groww faces ‘FRAUD’ and ‘SCAM’ allegations! Investor says money debited, not invested | Fintech platform clarifies

financialexpress.com:

Groww recently faced severe criticism on social media after an investor alleged that the fintech platform deducted money but not invested in a mutual fund scheme. In response, Groww said that it regrets the “error” and credited the amount to the investor “on a good faith basis’ “.

Taking to social media platform ‘X’, earlier known as Twitter, one user, Hanendra Pratap Singh, wrote that his sister made an investment in a particular scheme and she was assigned a folio number, which meant that the transaction was successful. The Groww App was also showing the investment amount till now, along with growth and every detail like any other fund, he said.

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Giving an account of how the “fraud” happened with them, he wrote that when his sister decided to redeem the fund, she was unable to do so. When she contacted the mutual fund house regarding this, it said that the amount was never invested, which prompted her to check with Groww. Later, to her surprise, Groww removed the folio details, which were anyway a false account, that were showing up until then, the user alleged in his post on ‘X’.

In response, Groww said, “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 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 said.

Responding to user’s allegations, the fintech firm posted on its ‘X’ account: “To ensure that the investor doesn’t get anxious about the claimed