A Groww user, Hanendra Pratap Singh, has brought forth allegations of investment irregularities against the popular investment app. Singh claimed that despite debiting funds from his account, Groww failed to execute the corresponding investment in a mutual fund scheme. Moreover, he explained that Groww generated a fictitious folio number, which upon investigation, did not correspond to any actual investment.
The issue came to light when Singh’s sister attempted to redeem the supposed investment, only to discover discrepancies in the folio details. Although Singh initially aired his grievances through a social media post, which has since been removed, screenshots circulated by other users continue to highlight the incident.
Responding to the allegations, Groww acknowledged the discrepancy, attributing it to an error where the user’s dashboard incorrectly reflected the creation of a folio. However, Groww clarified that no transaction was actually processed, and therefore, no funds were deducted from Singh’s account for investment purposes.
In a statement addressing the situation, Groww emphasized its commitment to transparency and customer satisfaction. The platform stated that upon identifying the error, it promptly refunded the amount to Singh’s account in what it described as a gesture of goodwill. Additionally, Groww requested Singh to provide a bank statement demonstrating the deduction corresponding to the alleged investment period.
Furthermore, Groww assured users that measures were in place to prevent such incidents in the future. The company reiterated its dedication to maintaining the integrity of its services and ensuring that all transactions are executed accurately and securely.
This incident comes amidst Groww’s significant growth in its user base, crossing a milestone of 1 crore active users recently. The platform has garnered attention in the fintech sector for its user-friendly interface and accessibility to mutual fund investments.
