Alert : Groww Debited money but not credited in Mutual Fund AMC.

220°
Benevolent
akki.akki
A mutual in 2020 a mutual fund investor has invested money in Parag Parikh MF AMC via Groww app.

When customer couldn't redeem the investment in 2024. She enquired with Parag Parikh about the issue. and to surprise AMC told her that there is no such investment with mentioned folio.

Irony is groww even generated the folio number. And all these years investment amount was also getting updated with current valuation in groww app.

Initially Groww denied the issue at their end. But after her brother's viral LinkedIn post Groww accepted their mistake.

However customer says its fraud by Groww.
Groww says its a technical glitch.


Original linkedin post :

https://www.linkedin.com/posts/hanendra-pratap-...


Take away from this incident :-
  • After every investment check the confirmation mail from AMC. (@camsonline & @kfintech)
  • Irrespective of the platform you invest from Download the OG Mutual Fund RTA apps (myCams & KFinKart)
  • Do verify all your existing investments (specially the old ones) with respective AMCs or RTAs.
  • Start using official apps like MFCenteral, myCams & KFinKart instead of 3rd party brokers.
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
25 Comments  |  
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Deal Lieutenant Deal Lieutenant
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You can use MFCentral which has both cams and kfinkart. You can invest and redeem directly through the app without needing groww or any other provider

Deal Subedar Deal Subedar
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another one is MFU similar feature:)
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Deal Cadet Deal Cadet
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how to check if investing through coin by zerodha?

Helpful Helpful
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I think I have a similar situation.I Did lumpsum of 10000 in tata small cap fund in 2018 when it launch. I am not sure whether amount debited frm bank ac or not but units showing till now.Whenever I try to redeem groww takes the order but I get rejected in few days saying you are trying to redeem more units tham available.

Benevolent Benevolent
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so what is the final result. u managed to get ur money
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Entertainer Entertainer
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This is scary.
Same cheej mere sath paytm money mai hui thi, 1 installment ka panga tha, Paytm money pe 1 jada dikhata tha, lets say 5000 ki sip thi toh mfcenttral pe 12 dikha rha or paytm money pe 13.
Paytm money kee cc se baat kiya toh unhone report ka pdf upload karne bola depository se, phir unhone 12 kiya

Ab pta nhi vo tech issue tha ya mera 1 5000 ka sip kha gye.

Benevolent Benevolent
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by any chance did anybody reveal the investment amount ?
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Benevolent Benevolent
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One more job🤦‍♂️

Hunk Hunk
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Same thing happened to me on phonepe and they are not even replying.

Benevolent Benevolent
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groww never touches or sees one's money and it goes thru bse.since lumpsum investment was made in this case so how is groww at fault?their only issue seems to be issuing of a folio number which they couldn't issue themselves but was done from the the amc's side. so, something was wrong from the amc end also.

Deal Cadet Deal Cadet
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What about investment amount was also getting updated with current valuation

how is this even possible if the money was not invested

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Budding Star Budding Star
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This issue can be sorted out professionally if it was not groww's fault. But they messed up this case and ended up badly

replyuser
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