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Investor Claims A Huge Fraud By Groww; Company Clarifies It To Be A “Technical Glitch”

Groww- the platform that is widely known for Opening Demat, Invest in Stock Market, Options Trading, investing in Mutual Funds, UPI, and paying bills has recently been facing backlash over social media as an investor has reported about an alleged scam by the company. Want to know the whole story? Well, let’s dive in to know the details.

Investors Accuses Groww Of A Huge Fraud

A user named Hanendra Pratap Singh took this issue to social media, where he mentioned that his sister invested some amount through the Groww app in Parag Parikh Mutual Fund back in 2020. The money was debited from the customer’s amount and she was assigned a Folio number also.

However, when the investor decided to Redeem the fund and withdraw the money, redemption was not working. On checking with Parag Parikh customer care it appeared that there was no investment done by Groww and the Folio number was also false. On reporting the issue to Groww customer care, it was said that the company just removed the folio details from the dashboard saying the issue was resolved.

But the investor still had one major issue unresolved, where is the money debited from their account? The user has also mentioned that Groww is trying to request OTPs from Mf portals on the investor’s behalf without their consent and has completely wiped the whole Mutual Fund entry itself.

The images of this post are being widely spread on the X platform and Groww is facing a huge backlash from the users. Since the matter is gaining a lot of attention, Groww decided to clarify the issue and has mentioned that the matter was investigated, and as per them, the customer did not make any investment while the folio was created due to a technical glitch.

On further questions being raised, Groww has also mentioned that they have credited the claimed amount to the investor on a good-faith basis. The company has also asked the investor to provide the bank statement evidencing the debt of the said amount that was said to be invested.

Groww has also officially stated X clarifying the above matter.

According to the statement, after investigation, the company found out that the customer’s account was showing incorrect investment due to a recon issue. The company has also mentioned that they are in constant touch with the customer supporting them with all the necessary information. The company has also assured its other customers that their Mutual Fund Investments are safe on Groww.

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