In a current social media outcry, a consumer on X platform accused Groww of partaking in fraudulent funding practices. The consumer alleged that regardless of their funding by way of Groww in Parag Parikh Mutual Fund in 2020, subsequent makes an attempt to redeem the funds revealed that no funding had truly been made with the fund firm. The consumer additional claimed that Groww’s customer support was unhelpful and that unauthorised makes an attempt have been made to entry OTPs from mutual fund portals.

New worry unlocked.

Mutual fund platform took cash however funding was by no means made 😱 pic.twitter.com/caUPBAGGCp

— Finance Memes (@Qid_Memez) June 23, 2024

Expressing frustration, the consumer said, “The place is the Cash? You can’t simply wipe a File and say the problem is sorted.”

In response to those severe accusations, Groww issued an announcement clarifying its place. It asserted, “We’ve investigated the matter and we will guarantee that the shopper didn’t make any funding.”

This assertion prompted skepticism from one other consumer who questioned Groww’s rationalization, asking, “If the cash was deducted from the consumer’s checking account, the place did it go? Or was the cash by no means deducted in any respect?”

To which Groww responded, “No, the cash was by no means deducted from the shopper’s checking account on this matter.”

In an official assertion addressing the state of affairs, Groww elaborated, “We guarantee everybody that no transaction came about and the shopper’s cash was not deducted from buyer’s checking account within the stated matter. The shopper’s dashboard erroneously mirrored a folio. We’ve defined the identical to the shopper, regretting the error. We’ve resolved the reporting problem and are in contact with the shopper for any assist required”.

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