GROWW SCAM!!
Huge Scam by Groww! Exposed by a friend on LinkedIn.
They have outright denied that any transaction ever took place or that the money was debited from the user’s account.
If you are using any third party mutual fund app, check your AMC if fund has actually been deposited by logging into mfcentral! This is a SIMPLE SOLUTION!
Does this break your trust in 3rd party investing platforms? What do you make of this incident?
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It's a tech issue, people who have closely worked with such systems know that this could happen, it's not a scam, it's just a mistake, but not acceptable
Every startup faces tech issues, Groww made the noob mistake of trying to cover it up rather than accepting the mistake.
They should have just refunded the amount and then tried to solve the mistake.
This is what happens when millions of dollars in funding get to your head.
what else do you expect a company to do? shout out and do a press release that they made a mistake? of course a company will try to hide it
How's this a scam? It could've been a genuine tech mishap.
Might be a genuine tech mashup, but you need to own it. If you evade it, it might appear to be intentional conning. If I purchased a fund in 2018 and I have a folio number - I assume I own the fund.
After 10 years, when I decided to cash it out, if Groww tells me I never had the fund - it becomes a huge blunder. In full totality, Groww has to refund me the initial investment at today’s market value and the applicable tax. (LTCG is cheaper than Income tax).
Either way, while it might be a tech mishap and not a wilful scam, you are conning folks by making them believe for years that they hold investment which they don’t. This requires investigation to see if this was wilful or not.
Right
It’s a scam because they generated a folio number without ever investing the money.
Also, groww isn’t a small startup. They could have simply added a feedback loop or even a cron to identify such incomplete transactions !
Just realised that I can’t upload multiple pictures! Groww refunded the user’s money but asked him to take the social media post down!! What do y’all think of this??
@Micheal_Scott - feature to attach multiple images plsss
From what I learnt from his update- it' s a huge money for them and they have urgent need of it for his sisters studies hence he said he'll be taking down but he did say he'll put another post explaining things or something like that
No one should be doing business with groww. As simple as that.
It's mostly bad tech design. In a post on twitter they said that the money didn't get deducted (and the AMC purchase didn't go through) but they kept showing to the user on his/her portal that the mf was in their portfolio.
It's due to bad recon and tech design. They're paying a heavy penalty for it now as they should.
I never liked growww for some reason. Esp after they started giving credit to traders. That's like giving a rope to a suicidal person.
I'm happy this is happening.
Love the analogy. 👏🏻
Well they have 8 yr old architect not taking pot shot but i friend of mine applied with 10 yr experience and they said u have too much experience for staff engg. We have direvtor eith 10 yr experience .. such stupid thought process some thing got to give sooner or later...
LOLing at people who are defending groww. Boss there's real money stuck for people who may be in the need. Scam or not, hope sebi takes some action on this. At least rbi has been quite strong against hdfc and more recently kotak when tech glitches happened on their portals.
It seems the customer never invested the amount. It was wrongly shown
It’s no scam. It’s a tech glitch where Groww has clarified that no debit has happened from the customer’s account and has also proactively given him the claimed amount while seeking proof of deductions from the account, which the customer hasn’t produced so far. How do you believe you have an investment when the money isn’t even leaving your account for 4 years?
Stopped reading after the 4th time he wrote 'fraud'