Financial services platform Groww faced backlash on social media platform X on Sunday (June 23, 2024) when a user claimed that his investment made through the app was not executed and folio details were deleted upon inquiry.
The user claimed that the Groww app didn’t invest his money in a mutual fund scheme and produced an incorrect folio number.
What Actually Happened?
X user Rohan Das shared a deleted LinkedIn post by Hanendra Pratap Singh on X, accusing Groww of fraudulent activities.
According to Singh, his sister, a supposed Groww customer, invested in the Parag Parikh Mutual Fund through the app in 2020.
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However, when they attempted to redeem the funds, the transaction failed. Upon reaching out to Parag Parikh’s customer care, they allegedly discovered that Groww hadn’t made any investment on their behalf, and provided a non-existent folio number. Singh also criticized Groww’s customer care for being unprofessional and unhelpful.
Following the uproar, Groww responded saying the customer’s dashboard showed an incorrect folio. The company clarified that no transaction took place, and no funds were withdrawn from the user’s account.
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As a goodwill gesture, Groww also said that it has refunded the claimed amount to the user’s account. They also requested the user to share their bank statement for verification regarding any debit linked to the claimed investment.
“We assure everyone that no transaction took place and the customer’s money was not deducted from 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,” Groww said in its response to the user’s claims on X.
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Groww’s Clarification
Groww issued a clarification on the incident while saying that the post contained misinformation. It, however, recognized the customer’s account displayed an inaccurate investment due to a reconciliation issue.
Image Source: X/ @_groww
Also, Groww highlighted that it always works towards investor protection and their customer support is available 24/7 to help their customers.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before investing.
