00:00On social media, there was a controversy over the investment app Grow.
00:05A user accused this fintech company of a big scam.
00:08Hanindra Pratap Singh shared the story of a huge scam on his LinkedIn account.
00:13This story spread like wildfire on social media.
00:15The matter got so big that the company had to clean up.
00:18What is the whole matter? Let's tell you in detail.
00:20See, a user named Hanindra Pratap Singh posted on LinkedIn and accused that the company took money from him in the name of investment in mutual funds, but did not invest.
00:29The user claims that he was issued a fake folio number.
00:32After this post, the matter quickly went viral on social media and many people started talking about it.
00:38The user also shared some screenshots to prove his claim.
00:42The user said that this matter is related to his sister's investment.
00:45He said that his sister had invested some money through the Grow app in the Faraz Parikh Mutual Fund in 2020.
00:52The transaction was completed and the folio number was also found.
00:55All the details such as current amount growth were also visible on the app.
00:58But then there was a fraud.
00:59Because later it was found that there was no investment in reality.
01:03The user says that the company did not invest properly even after taking money and the folio number turned out to be fake.
01:10When he talked to the customer care of Faraz Parikh, he found that no investment had gone to him through Grow.
01:17Grow's customer care first said that the matter is being resolved and the money will be returned soon.
01:22Then the customer care asked for the CAMS sheet.
01:25After this, while going to the next step of fraud, he removed the folio details from the dashboard and said that the problem has been solved.
01:32After this, Hanindra told in the second post that we talked to the Grow team many times and after that he admitted that he made a mistake and he made the wrong folio by invalid entry.
01:44Finally, as a solution, he decided to refund the money.
01:47As a condition for this, he said to remove all social media posts related to the matter.
01:52When the matter was getting worse, then Grow also presented a clarification from its side.
01:56The company said that the folio number on the user's dashboard was due to a technical error.
02:02Grow claimed that the user's account has never been deducted money for mutual fund investment.
02:08He assured investors that their money is completely secured and there is no need to worry about any kind.
02:15Grow wrote in his post that we assure everyone that there was no transaction in this matter and no money was deducted from the customer's bank account.
02:23By mistake, a folio was reflected on the customer's dashboard.
02:27We have explained this to the customer while expressing our regret and have been in touch with the customer.
02:32Later, the user also posted and wrote in it that Grow has returned their money.
02:36After this, the user updated his post and ended the matter there.
02:40He posted a thank you at the end.
02:43However, many people did not agree with Grow's defense.
02:47Now, another such case had come up, about which we had also given you information through GoodReturns.
02:52When the Grow app was going on, Sebi had also taken a big action on the front-running Quant Mutual Fund.
02:58And the headquarters of the fund house, Hyderabad and Mumbai, were attacked.
03:03Many digital documents were also seized along with the mobile phone computer.
03:07In Sebi's investigation, it was found that in the transaction of suspicious units, emails are received from Quant Mutual Fund.
03:14But in this, as an investor, you just need to take care that wherever you invest your money, you do your research properly.
03:22And apart from that, after checking all the things, invest your money somewhere.
03:28That's all in the video.
03:29How did you find the information?
03:30What do you have to say about this scam?
03:32Do tell us in the comments.
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