Unauthorized trading --> shifting loss of other’s trading to your account

Is there any unauthorized trading in your account? and you were told that is was by mistake of operator, or Relation ship Manager(RM) did it to meet the his target.., beware you still may not be knowing the truth!!

Just think, why the unauthorized transactions are causing only loss? Why not profit??

What is the truth.., truth is that operator/RM actually has shifted the loss of someone else trading account to your account.

Surprise how this is possible, yes I also was very surprise when I discovered it.., in fact on first glance I was not able to believe it that it is possible in such a high tech system but this is fact and unfortunately I discovered it only after being a victim of this fraud (I had trading account with India bulls).

How this goes, let me explain to you by an example, script ‘xyz’ was expected to go high, RM buy 1000 share of xyz script at 500 each in trading account A at 10 am now by 2.00 pm rate of xyz script falls to 470 (due to unexpected news in mkt etc), hence RM knows it has already incurred loss of 30,000/- . Now Smart RM/operator will transfer this transaction your account, and transferring the transaction from one account to other account is even allowed by NSE (NSE allows it to rectify genuine mistake by operator with small monetary penalty), but here rules are miss used and smart RM/Operator is shifting their own loss to your account.

It come into picture only if you raise your voice.., then too they will argue that operator did it by mistake.., he is poor man, anyway he has not take the money home, money is lost in market and so many things.., and may be will convince you to settle on half the amount you have lost.., but you even don’t know what game was played in back ground.
More to this with POA we have given to broker and the agreement we have signed with broker (like written complaint with in 24 hr for any unauthorized transaction, where as RM would have eaten up this period while promising that the loss will be compensated.) All this make difficult to stand a strong legal case against broker…, this is black truth of today’s trading practice.

I have been cheated by Indiabulls and it’s RM by these unauthorized transactions and by chance I came to know that loss of other’s account were transferred to my account. This information was provided to me by one of Indiabulls employee (after he left indiabulls).

We know alone we can’t do much.., specially with the POA we have signed with broker and the rules are not strong enough to handle this situation.. This is not new that the cheater has misused the respected law of our country.., but it is our responsibility to come forward and fight with these misuses of law so that it can be prevented in future. We have to fight it together.

Here are link for some of these cases
http://finance.groups.*****.com/grou...et_Fraud/links

I just have formed a ***** group where we can share all of our concern and take these matter at highest level..United we can fight.
Link to group is http://finance.groups.*****.com/grou..._Market_Fraud/

Here is what you can do-
1) If you are a victim and still looking for judgment, please join the group, share your case so that other member can advise you, and follow the steps mentioned there to file your complaint in different forums. File as many complaints as possible. Make audio recording of all of your conversation for negotiation etc. Steps to files complaint are available at-
http://finance.groups.*****.com/grou...t_Fraud/files/

2) If you had similar case and you have got the judgment, please share your experience and provide guidance to other from your learning.

3) If you are lucky and still not trapped, read do and don’t so that you can avoided it happening with you, and share your views on this matter. Here is the link -
http://finance.groups.*****.com/grou...t_Fraud/files/


Once we collect significant complaints we will go to media and will approach government to modify the existing rules to prevent such cases in future.

I request you all to come forward and join the group to fight with these cheatings.
( Link to group http://finance.groups.*****.com/grou..._Market_Fraud/)


If you face any difficulty joining the group, drop me a mail with your case detail. My mail id is write2mjain@*****.com

M Jain

But what about if a trade is genuinely punched giving a wrong code in some other account?

May be I didn’t get your question, by the way, we are worried for Fraud, that are done by miss using the rule.., rules are anyway created for genuine reason.

Then it shouldn't be difficult to correct it and undo it. But why try to shift the mistake to someone else his account? Maybe afraid of getting fired? Or maybe on purpose to cover up? etc.

JZ