BMA Wealth not returning money - where to complain? Please Help

Hello,

In October, 2008, BAM sub-broker in my city signed me up for BMA IPO, assuring me 15% annual return. For this, on 01-10-2008, he took Rs. 201,000/- via check of Axis Bank Ltd.

I have approached sub-broker and the local BMA office, in April 2011 for withdrawing the money. After filling the proper application form and depositing the IPO certificate, they arranged to repay my principle amount of 201,000/-

I received the principle amount of 201,000/- via an HDFC Bank Ltd. check. It is received on 29-04-2011.

The drama starts after this when I asked for the interest amount.

Despite many visit to local BMA office and many phone calls to sub-brokers and associated people , it now seems to me that they are not willing to help to repay the interest from October 2008 to April 2011 for a total period of 2 years and 6 months, which should be roughly equal to 75,000/-. They even told me that I will only get interest of first 1 year only, and will NOT get interest of rest 1 and 1/2 year - because it is my fault - I have not contacted them after 1 year, when they had distributed the interest to other people.

What a company!

Now a days, on calling any of them, they refer each other (my local office and Kolkata head office) to contact - sometimes they even do not pick up phone.

Now at this point, can anybody please help me what should I do now? Where should I complain about it? To SEBI or NSE or any other place?

I have the xerox copy of the the principle check of 201,000/- which they refunded and xerox of IPO certificate (FYI, they stamped the IPO certificate date as 31-08-2009, even if they received money from me on 01-10-2008, 10 month late).

Warm Regards,
Bulan

It is not share, It is some sort of instruments or certificates like FD for which they have promised a guaranteed 15% return per annum.

Hello,

In October, 2008, BAM sub-broker in my city signed me up for BMA IPO, assuring me 15% annual return. For this, on 01-10-2008, he took Rs. 201,000/- via check of Axis Bank Ltd.

I have approached sub-broker and the local BMA office, in April 2011 for withdrawing the money. After filling the proper application form and depositing the IPO certificate, they arranged to repay my principle amount of 201,000/-

I received the principle amount of 201,000/- via an HDFC Bank Ltd. check. It is received on 29-04-2011.

The drama starts after this when I asked for the interest amount.

Despite many visit to local BMA office and many phone calls to sub-brokers and associated people , it now seems to me that they are not willing to help to repay the interest from October 2008 to April 2011 for a total period of 2 years and 6 months, which should be roughly equal to 75,000/-. They even told me that I will only get interest of first 1 year only, and will NOT get interest of rest 1 and 1/2 year - because it is my fault - I have not contacted them after 1 year, when they had distributed the interest to other people.

What a company!

Now a days, on calling any of them, they refer each other (my local office and Kolkata head office) to contact - sometimes they even do not pick up phone.

Now at this point, can anybody please help me what should I do now? Where should I complain about it? To SEBI or NSE or any other place?

I have the xerox copy of the the principle check of 201,000/- which they refunded and xerox of IPO certificate (FYI, they stamped the IPO certificate date as 31-08-2009, even if they received money from me on 01-10-2008, 10 month late).

Warm Regards,
Bulan

Check whether FD or Private Placement. If private placement of shares before IPO, you can't claim interest.

However, BMA is cheators in all angles. Real cheators no doubt. Company is runned by thiefs.