Did Groww Fake An Investment? User Claims Money Was Debited But Never Invested – News18

Financial services platform Groww faced controversy when a consumer alleged on social media that an investment made through its app was fraudulent. According to the user, he invested in the Parag Parikh Mutual Fund via Groww in 2020. However, subsequent efforts to redeem the money indicated that no investment had been placed in the fund business. Facing a significant backlash, the platform provided an explanation and offered a refund to the consumer.

Taking to social media platform X (formerly Twitter), a customer accused the firm of fraud. Posting screenshots of the complainant’s allegations, it was claimed that the app produced a folio and showed an updated amount of growth when the money was initially invested. The user’s attempt to redeem the investment revealed the problem.

The folio number was allegedly reported as nonexistent by the mutual fund where the investment was placed. When the consumer got in touch with Groww, customer support representatives said the money was “never invested correctly” and that all information had been “removed” from the dashboard.

The user expressed dissatisfaction by asking, “Where is the money? You can not just wipe a Record and say the issue is sorted.”

Groww responded to these grave charges with a statement outlining its stance. It claimed to have “investigated” the situation and to be able to “assure” that the client made no financial investments.

Another user raised concerns about Groww’s response, questioning whether the money had been withdrawn from their account, where it went, or if any deduction had occurred at all.

Groww said that the funds were “never deducted” from the client’s bank account in this instance.

In response to one of these postings on X, Groww confirmed that “the customer’s dashboard erroneously reflected a folio,” but added that no transaction occurred and no money was withdrawn from the customer’s account.

Another user then responded, sharing a screenshot of the complainant’s most recent update on the situation. The complaint posted an update on LinkedIn, stating that after several conversations and discussions, Groww has admitted to the error of producing an invalid entry and the incorrect folio. The investing business ultimately opted to reimburse the consumer for the disputed amount.

The company, however, asserted that it had returned the funds to the client’s account in “good faith” and requested a copy of the bank statement demonstrating the amount that had been deducted at the time the transaction was made.

Users, meanwhile, voiced scepticism over the company’s conduct.