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Reliance Money / Reliance Money / franchisee Depleted all my Shares

1 India Review updated:

Dear Readers, I wish to bring this unfortunate incidence to your notice which happened with me and some other people in Ghaziabad.I am a service class person and job is my only source of income.I saved some money by sacrificing and compromising on day to day needs and INVESTED[I don't have an appetite for trading hence I am not a day to day trader] some money through Reliance Money in Share Market .The reason for choosing reliance money is the added security they promised me as they gave me security key and promised me / gurreented me thet no one except me can operate my demat / trading account which I have with them.I inevested 200000 INR by purchasing all good & A grade shares in year 2008 and thought that whenever I need money I'll simply sell them and take out my money.I invested in following shares:-GVK POWER AND INFRASSTUCTURE, RPL, RPOW [got it in ipo], APPOLO TYRE, BHAGYANAGAR INDIA LTDFour days ago, I got a call from a friend, who also got an account with reliance money, he was screming over the phone, told me that when he checked his demat account, to his surprised, many of his shares have been sold without his knowledge and his account is depleted systematicllay I thought may be he has misunderstood as I was confident that this can not happen and stayed calm, but when he again and again asked me to check my own account, I become a bit worried, I was in office at that time but asked my manager for 1 hr break .I rushed to the franchisee office of Reliance money where I hold my account, they told me that they are unable to update me as they have shifted database to Lajpat nagar location.I took the number of the owner immediately from them and gave him a call .I asked him to provide me the demat balance, Initially he kept on diverting the topic my saying words like "beleive me" " don't you trust me", don't listen to rumourse", but when I stricktly asked him to tell me the balance, he handed over the phone to someone there, he asked me my trading id, and told me that only 4000 worth of following shares are there in my accountBLUE CHIP, CARLS, INTRA I could not beleived him I requested him to kindly check it again, he checked it again and told me same, my head started spinning, I am shocked and I can not tell how I felt at that moment.I felt I got robbed, I called the same friend who informed me about this and told him what has happened with me . He asked me to talk to the franchisse owner, I called franchisee owner again and asked him how could all this happen, he simply said he doen't know and can't do anything about it, and put the phone down.I was like felt screaming on everyone, I went to my friend's place where he has already called a gentleman who has expertise in sharemarket.He told us that OFFLINE trading is the cause of this mishappening where a person from reliance has the ability to do trading from our accounts on our behalf to increase the trading commision revenue and as he might have traded heavily and due to valatile market that backfired him .He asked me to give call to the franchisse owner again and ask him to tell about the one who does this there, I call franchisse owner and asked the same, he told me that guy left the company 2 weeks ago also he asked me to talk to reliance money cluster head regarding this matter as It's with reliance money I have opened my Demat and Trading Account and not with him.I called cluster head and told him the entire story, he fixed a meeting with me and my friend next day.We met him next day and explained him the whole story again. He told us he'll investigate this matter and update us on what so ever is the finding.We went to our friend who has expertise in share market .He asked us to document it at first everything what happened and took formal steps also.We wrote a letter to Relaiance money and went to hand it over by person to Reliance Money office.While coming back from Reliance money office I got a call from cluster head, he asked me wheather I went to relaiance office I said Yes, He asked Why you went to Reliance office I told him to document the incidence, he seemed very annoyed he said " See when I told you I am looking in to it then why you went to office, now on wards i'll also respond you officially only, i took personal interest in your matter but seems you wish to take this official only so it'll be like that only, I didn't understant the reason why he is so annoyed ?Could there be a posibility that reliance guy and franchisee owner doing it and why can my shares be trade with out my consent, knowledge and information ?They did all this just to increase turnover for there trading commission or could there be any other story as well?I am in complete state of shock and mental trouma right now.Did anyone iother also experinced the same issue ?Please join me raising this concern, i beleive united we stand help me, any suggestiions and advice would be appriciated .Can anyone please help

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  • Ud
      26th of Aug, 2009
    0 Votes

    Dear Sirs,

    Please lodge your complaint with the concerned- Consumer Disputes Redressal Forum, that will be rewarding & show ALL the Opponents their proper place & you will not be HELPLESS any more.

    Best of Luck.

    Uday Prabhu.
    0922 057 3589

  • Ch
      23rd of Nov, 2009
    0 Votes

    Don't sit like this
    Raise this concern and Do FIR against them.

  • Su
      8th of Feb, 2010
    0 Votes

    yeah . i guess thats the best way to deal with it.. try to get in touch with the customer desk or any higher authority to get a proper answers.

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