Anand Rathi Securities — Lost money in investment

Anand Rathi Phone
Anand Rathi Website
Anand Rathi Address
11th Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India – 400013

After getting introduced to the company representative by another old trusted friend, I decided to invest 3 lakhs of Indian rupees to the company mutual fund. The representative promised a minimum return of 12% if nothing more as the worst case scenario. He was even asking for more capital consistently, but somehow I did not agree to put more money without seeing their performance at the beginning. After 12 months the whole principal had almost been wiped away, only 14 thousand rupees were left. The representative had left the company for another bank and the so called vice- president of the company with whom I met for the first time after the loss, blamed me for not being more careful. He was in fact saying that if a client was not cautious, he/she will be taken for a ride in no time. The portfolio that the money was put into was a very high risk portfolio and the representative seemed to have taken the decision to do so only to get more brokerage for himself. The vice-president or the company refused to take any responsibility for the past employee’s actions and was in fact asking for more money to get the lost capital fund back in their another so-called (safe and secure investments). I had an Australian colleague sitting next to me simply gaping at them in astonishment at their attitude and callousness. The vice-president also advised me to take this experience as an educational experience as according to him every experience comes at a cost.
Since I did not give permission to teach anyone such expensive education to me, I refuse to give up and had asked twice in writing to the company to provide me with the detailed description of the transaction details of my account as the vice- president kept on asking me if I had withdrawn from the account at all. That particular question showed me he did not have a clue for what was going on in the account and what had happened to it. No statement ever came to me after two repeated requests in a month’s time. The company keeps on sending emails even after the account was formally closed by me in the middle of January this year. This is a word of caution for everybody concerned. I earn my money by means of consistent hard work and nobody has the right to take that money away by means of such dubious means. Please help me to get these culprits to justice and own my responsibility for their actions.
S.Datta Roy

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