Yes bunny...I think they allready taken 2 cheques from him as he mentioned in his above post.Its looks clearly brokers fault.....I think allready recovered amount from him..
Poor guy ...newbie so not know how to handle it....
Even if they have enchashed the cheques, he can get it back if he successfully proves that he was not at fault.
Now the question is - How did they directly land up at his home? No phone calls, emails?
And in the first place, how did they allow such an order to go through?
Assuming that they are asking for Rs. 2400 as initial margin per lot of USDINR futures, to incur a M2M loss of 6 lacks, he would need to short around 500 lots. With Rs. 10000 in clear balance/margin, he could trade only 4 lots at most, and even if his broker provided any "leverage", it is beyond understanding how he could acquire an exposure of 500 lots. At most, it would have been 10 lots, that too for intraday.
shefeek - Post your
contract notes here. We will verify the trades from NSE's trade verification if possible. Please do not delay as records are available only for a few days.
In the back of my mind, I smell something fishy. I just hope this is not a fraud where the broker is trying to cover up some embezzled funds or trying to cover losses for another client using this person's money.
shafeek - if you are seriously interested in getting your money back, please keep us updated and post the contract notes here. We are sure you will get your money back!