KARVY Fraud in MCX (Clients grievance)

hi Mahesh,

I feel sorry for you, for loosing money and also for some of the responses you got in the forum.

Some of the responses in this thread made me write these few lines. The question is not whose mistake it is, but who lost! Sympathies go with the man who lost. This is a forum of the investors and not of the brokers, so one normally is expected to be courteous to the grieved person.

Most members were expreesing sympathies and also were trying to help him with information and action plans. (Most of these members are with the forum quite for some months.)

A few people have not spoken even a single kind word to him - just as a matter of courtesy but were very aggressive condemning his actions right from the first sentence and speaking what all the broker should have said. (Surprisingly all of them joined the forum in feb or later, may be even after the post by Mahesh!) These people made a post or two in this thread and surprisingly their presence was felt nowhere else. As members of the investor community, do their interests not go beyond this thread? After all do they not belong to the investor communuty? Whom are they representing then?

It will be no surprise, if we hear Zaheer's voice also in a later post!

murthymsr

Without any doubt, they are appearing for the broker in question. Wanted to say long back but then fighting in all the threads will eventually get me out. Now, who wants to leave this nice group??

Regards,
--Ashish

Hi
I would also like to echo the sentiments of murthy. I have noticed that several new members would sproutup just to counter one or two points and then wither awar. They would not have any previous records of postings querries or any contribution to the forum. In fact some information given by other members in this thread was in the nature of trying to belittle the grievance of mahesh and appeared to be collected exclusively for this purpose. Why would anybody check what zaheer is doing in Hyderabad or Karvy's office in bangalore or do some detective work. Highly suspicious.
Here is a simple question of fraud and in reply specific line of actions have been indicated by some forum members.

in any case I think, in financial sector, such cases are numerous and zaheer could very well have been told by his bosses in karvy to do so only to escape the long hands of law. their certain actions in IPO fraud do not put them in good light.Fraudsters and trickesters can go anywhere with their ill-gotten money.Their first aim is to win confidence of the victims so as to defraud them. I think forum members must discuss these issues also.

Traderji might like to keep a watch on such postings and if found inappropriate membership may be removed. Though the idea of policing is not good but community responsibilty should not be shirked away.
Regards
Pankaj

Ohh... I never thought the Juniors will be questioned like this about their postings in this way!. I do not know Mahesh so why should I say anything against him or favour the broker! I said what I felt correct. Has Mr Mahesh contacted any of senior member about his problem with details other than posting it here, why he has never posted a comment again and we are just disucssing on it? My humble request..When we think junior members are from brokers, pl check whether the query itself is genuine or not. My wording may be tough but pl check the facts too. I m really hurt with comments of seniors.
New people come and join to learn about the markets, you should not expect that they will know all subjects and participate in all of them from the day one. Pl check my postings afrer three months.!

The doubt has arisen about the genuiness of the junior members because of the extra interest shown in this thread only & not on other TA threads where it is expected that a junior would be more interested in this forum.It is also surprising as to why the benifit of doubt is given to the broker unequivocally esp it is common knowledge ,how some of the brokers conduct themselves.More so when the IPO scam is still green in our memory.
It would be our pleasure to see our friend's contribution in other threads in the coming months.
ranga

Hi itsfairdeal

Juniors are not questioned here or in any thread. The best way to get advice in this forum is to post your problems and you would get a lot of responses.

As you rightly said that members come and join and may not know all the subjects or take part in all threads. But they are also not expected to beatdown a members who have come with a problem. This is the minimum requirement for civilised conversations. If mahesh's problem is not genuine the thread will fade away automatically. Else it will generate lot of informations on brokers' practices. I personally think brokers whether corporate ot individual have to do a lot to remove stigma attached to the word.They have lot of explaining to do for their unethical practices . Ggullible investors are caught and mauled by them without owning responsiblity. I saw Karvy MD on TV and he looked like a ch**p person that was during IPO scam. Dont forget market is full of unscrupulous operators and Indian stock market has faced several of them. They have made lakhs of investors pauper. You just can not say that one is responsible for one's monies as actions border on fraud and criminal investigations are needed to unearth real facts.

This forum and such other fioru serve the purpose of giving knowledge about market and thus help people protect their monies and also make them if possible.

Juniors must make their presence felt in other thread also and contribute as much as they can.
Pankaj

Points well taken. Whether any one of member has been trading in commodities in India or global markets?
Can you suggest me some other good current points of discussion/ threads - regarding commodities? I would like to participate.

what happened to the defenders?
ranga

Hello Everybody who have been visiting this forum. I am new to this forum but I have taken up a crucial role in this case and I am doing my private investigations particularly in connection with MCX Fraud of Karvy.

Zaheer is not a lone player involved in this, there are other names namely VP Mittal, the ex-head official concerned Mr.Ghosh who was later sacked (or is being kept away from the eyes of public and investigators and has a key role and information) and many others I will name the later on this forum. I have been meeting and visiting the main office at banjara hills (surprisingly all the trades were carried out beneath the nose of MD and VP), where Mr.Mittal and Ghosh were busy negotiating (I recorded all the conversations without getting involved) and bargaining with the helpless poor investors. Mr.Ghosh collected originals of all supportive documents of many those who were present there, which included bank slips of DDs and forged contracts sealed and signed by Karvy officials and Zaheer, later Ghosh disappeared with all those papers and now when asked about Ghosh they say he is no more with Karvy. I am still looking for the list of people who are actually affected due to MCX fraud. Karvy is indulged in manipulating statements and contract notes and they are still issuing account statements which reflect fake names to whom they claim they have made payments tagged reversals. It is easy to trace this fraud as these statements are never going to match with ground positions.

I am here to appeal all those who are involved and affected, please give me your name, address, email ID or Telephone no. I want to know more about this case and I request all of those who incurred losses due to fraudulent activities of Karvy MCX Commodity Employees to send me all available material including statements issued. If you don't have your account statement go and collect with Mr.Mittal and get them certified. I will come and meet everyone individually, let us not loose hope I am sure we can give a good fight and win our hard earned money back. I am prepared to take use of any forum or media that would help in this regard. I am connected with non-profit making investigation agency which helps the helpless.

(Zaheer used to live near Mahavira Hospital, Masab Tank now he is in his home town)

Dr.A.N.Hazari

Whether this is the right forum or wrong forum. Reporting of such malpractices educates others. A good lesson, indeed. It is unbeliavable that a firm of Karvy repute indulge in such activities.