Groww Responds To User Allegation Of Fraudulent Investment Practices
The user alleged that an investment made through the app did not register as claimed, and when queried, the folio details mysteriously disappeared from their account.
Popular trading platform Groww faced severe backlash on social media after a user accused the company of erasing investment details from their platform. The user alleged that an investment made through the app did not register as claimed, and when inquiries were made, the portfolio details mysteriously disappeared from their account.
According to the user, their initial investment appeared successful, showing growth in the app's folio. However, upon attempting to redeem the investment, they discovered the mutual fund indicated the folio number did not exist. Subsequent contact with Groww reportedly led to all investment details being "removed" from their dashboard, with customer service asserting that the investment was never properly executed.
The incident sparked widespread concern on social media, with customers expressing distrust and seeking clarification from Groww. One user also urged investors to avoid platforms that raise doubts. "It's better to use AMC websites directly," he said.
In response, Groww issued a statement on social media platform X, clarifying that they had credited the disputed amount to the investor "on a good faith basis". The company emphasised that no funds had been deducted from the user's bank account for the purported investment.
"We acknowledge the discrepancy where the customer's dashboard inaccurately displayed a portfolio," the statement read. "We regret any confusion caused and have resolved the reporting issue. We are committed to assisting the customer further if needed." [sic]
The investor also posted an update, mentioning that efforts were underway to resolve the issue from Groww's end. "Thank you for all the support and help in getting this post to reach the right people and make the right change. Ideally, I would not have removed the post, but since the amount is significant and important at the moment, I might have to go ahead and delete it. Thank you again. Very much appreciated," the user said.
