Groww recently faced severe criticism on social media after an investor alleged that the fintech platform deducted money but not invested in a mutual fund scheme. In response, Groww said that it regrets the “error” and credited the amount to the investor “on a good faith basis’ “.
Taking to social media platform ‘X’, earlier known as Twitter, one user, Hanendra Pratap Singh, wrote that his sister made an investment in a particular scheme and she was assigned a folio number, which meant that the transaction was successful. The Groww App was also showing the investment amount till now, along with growth and every detail like any other fund, he said.
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Giving an account of how the “fraud” happened with them, he wrote that when his sister decided to redeem the fund, she was unable to do so. When she contacted the mutual fund house regarding this, it said that the amount was never invested, which prompted her to check with Groww. Later, to her surprise, Groww removed the folio details, which were anyway a false account, that were showing up until then, the user alleged in his post on ‘X’.
Groww’s response
In response, Groww said, “We assure everyone that no transaction took place and the customer’s money was not deducted from the 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,” it said.
Responding to user’s allegations, the fintech firm posted on its ‘X’ account: “To ensure that the investor doesn’t get anxious about the claimed amount, we have credited it to the investor on a good faith basis. We have also asked the investor to provide the bank statement evidencing the debit of the said amount claimed to have been invested. This will facilitate our scrutiny, as well as that of our regulators, of the claimed investment in question.”
Here’s what social media users have to say
However, social media users could not be convinced by Groww’s clarifications. Many said that if Groww has credited the claimed amount it shows that the platform has acknowledged an error on its part.
The investor also posted a follow-up reply to Groww, saying the issue is being resolved.
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“Thank you for all the support and help in getting this post to reach the right people and make the right change. Ideally, I would not have removed the post, but since the amount is significant and important at the moment, I might have to go ahead and delete it. Thank you again. Very much appreciated,” he said.
