An investor has accused the investing platform Grow of fraud. The user claimed that he is unable to redeem the amount invested through Grow. The user shared this matter on social media, after which the matter gained momentum. However, Grow denied any kind of investment and accepted the technical mistake on its part and gave the claim amount to the customer in ‘good faith’. In this case, the platform has asked the customer for the investment details. What is the whole matter? Recently, a user named Hanendra Pratap Singh on the social media platform X accused Grow that his sister invested in mutual funds from Grow. Rs 10,000 was debited from his account and the folio number of the investment was also generated. According to the investor, information related to the fund was also visible in his account. Grow said – Investment folio displayed by mistake After the user’s allegation, the company gave a detailed reply and tried to clear the confusion of the investors. According to Grow, the investor started investing Rs 10,000 on September 25, 2020 through Directly Linked (ISIP) from BSE’s Bank Mandate. The transaction of this Systematic Investment Plan i.e. SIP was done directly through BSE. The customer also received an order ID (1XXXXXXX6) of this transaction. The fintech platform said, ‘On June 27, 2022, we saw another transaction of Rs 50,000 for a different folio in the RTA reverse feed files. Whose order ID was also the same as the old one. Due to this, when our system processed the file, the transaction of Rs 10,000 got updated to Rs 50,000 due to both the order IDs being the same. The same status was also displayed in the user’s portfolio. We have returned the money in ‘good faith’ Grow said in another post that investors should not worry about their claimed amount, it is ensured that everyone’s investment remains safe. We have returned the investor’s claim amount on the basis of ‘good faith’. Although this may be a case, mutual fund investors should take some precautions to avoid such incidents in future… Verify every status of the account several times According to Anand K. Rathi, co-founder of Mira Money, once the amount is debited or invested, the role of the investor does not end here. Even after this, confirmation about an investment may have been done several times. According to Rathi, Grow was showing the status of the investment to the user in the app, it does not mean that the investment was made even if the amount has not been debited. If the amount has not been debited and the investment is showing in the user’s folio, then it is also the responsibility of the user to verify it. Check CAS every month through email According to experts, investors should not rely only on EOP to check their mutual fund holdings. They can ask for mutual fund consolidated account statement (CAS) every month by sending a request to RTA from their registered email ID. If investors want, they can also request for mail back service CAS by visiting www.camsonline.com. Check KYC details regularly According to Krishna Mishra, CEO of FPSB India, investors should carefully review their monthly mutual fund statements to avoid any problem. KYC details should be checked regularly. Apart from this, users should regularly track their investment folio. Also read this news… Select mutual fund keeping in mind 6 parameters: Understand from Motilal Oswal’s executive director what are the risks associated with investment Are you thinking of investing in mutual funds and have a question in your mind that how to choose the right fund? So to know the answers to questions related to the risks associated with investing in mutual funds, mutual fund selection and other questions, we spoke to Akhil Chaturvedi, Executive Director and Chief Business Officer of Motilal Oswal Asset Management Company. Click here to read the full news…
