Groww said that no investment transaction took place with the customer’s funds.
In a recent social media outcry, a user on X platform accused Groww of engaging in fraudulent investment practices. The user alleged that despite their investment through Groww in Parag Parikh Mutual Fund in 2020, subsequent attempts to redeem the funds revealed that no investment had actually been made with the fund company. The user further claimed that Groww’s customer service was unhelpful and that unauthorised attempts were made to access OTPs from mutual fund portals.
New fear unlocked.
Mutual fund platform took money but investment was never made 😱 pic.twitter.com/caUPBAGGCp
— Finance Memes (@Qid_Memez) June 23, 2024
Expressing frustration, the user stated, “Where is the Money? You can not just wipe a Record and say the issue is sorted.”
In response to these serious accusations, Groww issued a statement clarifying its position. It asserted, “We have investigated the matter and we can assure that the customer did not make any investment.”
This statement prompted skepticism from another user who questioned Groww’s explanation, asking, “If the money was deducted from the user’s bank account, where did it go? Or was the money never deducted at all?”
To which Groww responded, “No, the money was never deducted from the customer’s bank account in this matter.”
In an official statement addressing the situation, Groww elaborated, “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”.
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