Groww user claimed fraud, said money was debited but not invested, company gave clarification

A user of Groww, a financial company that provides an online platform for investing in various investment options including mutual funds, has claimed that the company has been cheated. The user has claimed fraud regarding deduction of money without investing. After this, clarification has been sought from Grow and a request has been made to refund the customer’s money. A user on social media platform X alleged in a social media post that Grow App did not invest in the mutual fund scheme despite taking money. Also claimed that Grow created a false folio number that did not actually exist.

User complained

According to the news, a user on social media accused the company of fraud, saying that when his sister had invested money for the first time, the app created a folio and displayed the current amount of growth. However, when the user tried to cash out the investment, the problem was discovered. Reportedly, the mutual fund in which the investment was made said that the folio number did not exist.

When the customer contacted Groww, all the details were removed from the dashboard. Customer service executives claimed that the amount was never invested properly. The allegations caused considerable concern among clients of the online broker X (formerly known as Twitter).

Company Explanation

In this entire matter, groww clarified that it has informed the customer about the situation and has deposited the claimed amount on the basis of goodwill to the investor. We assure everyone that no transaction took place and no money was deducted from the customer’s bank account in the above matter.

A folio accidentally appeared on the customer’s dashboard. We have explained this to the customer, and apologize for the mistake. We have resolved the reporting issue and are in contact with the customer for any necessary assistance.

People’s opinion on x

However, many people did not agree with Grow’s defense of this entire incident. The people said crediting the amount claimed amounts to an admission by the platform of a mistake on their part. The investor in question also posted a follow-up post, stating that the issue was being resolved. Thanks for all the support and help in getting this post out to the right people and making the right changes. Ideally, I would not have removed the post, but since the amount is important at this time, I may have to remove it. Thanks again.