KARVY Fraud in MCX (Clients grievance)

Maheshwar · #1 23rd February 2006, 05:53 PM

Dear Members,

This is Mahesh,

This is regarding the investment I have done in KARVY commodities broking Ltd., Road No. 10 Banjarahills, Hyderabad.

I have invested Rs. 7,00,000/ (Rupees: Seven Lakhs only) in Karvy commodities broking Ltd through one of its employee called Zaheer Abbas Shaik.
He acted as a broker and has taken cheques in his name from us on Jan 2, 2006, promising us that the accounts would be opened. He has made an agreement which he never presented in KARVY. He has invested the amount in others accounts(pool accounts) through Pay orders from IDBI bank.

I understand that KARVY was into losses to the tune of Rs. 84,00,000( Eight four lakhs only) in December 2005 itself. KARVY has prompted Zaheer Abbas Shaik to get new investers to cover up the losses.

KARVY has been sending manipulated contract notes through Zaheer to all the clients showing profits but the fact was they were actually into losses.When all the clients who have invested in KARVY through Zaheer came to know that they were into loses, lodged a complaint against KARVY. KARVY is doing the settlement for the account holders by paying them 60% of the amount invested.

As we do not have the accounts, but we have all the bank statements showing the evidence that our money has been invested into KARVY commodities broking through Pay Orders drawn from IDBI which the KARVY country Manager Ashok Mittal is denying.

KARVY has cheated about 30 clients by not sending them their daily contract notes.

Request the members to help us/suggest in the recovery of the amount invested into KARVY commodities broking Ltd as these were invested without our knowledge/intimation.

Regards,
Mahesh

VICKY_SEEKINGINR · #2 24th February 2006, 07:22 AM

Quote:

Originally Posted by Maheshwar

Dear Members,

This is Mahesh, I am working for ITC Infotech, Bangalore.

This is regarding the investment I have done in KARVY commodities broking Ltd., Road No. 10 Banjarahills, Hyderabad.

I have invested Rs. 7,00,000/ (Rupees: Seven Lakhs only) in Karvy commodities broking Ltd through one of its employee called Zaheer Abbas Shaik.
He acted as a broker and has taken cheques in his name from us on Jan 2, 2006, promising us that the accounts would be opened. He has made an agreement which he never presented in KARVY. He has invested the amount in others accounts(pool accounts) through Pay orders from IDBI bank.

I understand that KARVY was into losses to the tune of Rs. 84,00,000( Eight four lakhs only) in December 2005 itself. KARVY has prompted Zaheer Abbas Shaik to get new investers to cover up the losses.

KARVY has been sending manipulated contract notes through Zaheer to all the clients showing profits but the fact was they were actually into losses.When all the clients who have invested in KARVY through Zaheer came to know that they were into loses, lodged a complaint against KARVY. KARVY is doing the settlement for the account holders by paying them 60% of the amount invested.

As we do not have the accounts, but we have all the bank statements showing the evidence that our money has been invested into KARVY commodities broking through Pay Orders drawn from IDBI which the KARVY country Manager Ashok Mittal is denying.

KARVY has cheated about 30 clients by not sending them their daily contract notes.

Request the members to help us/suggest in the recovery of the amount invested into KARVY commodities broking Ltd as these were invested without our knowledge/intimation.

Regards,
Mahesh

Hi Mahesh..

Really very bad practice going on. I think that you should
give the cheque on the name of company. As a sub broker nobody
can take the cheque on his personal name. This is the normal rule,
but dont know the rule of karvy ltd.

Thanks
Vicky

TATrader · #3 24th February 2006, 08:05 AM

First of all have you brought this to SEBI's notice. You can do so by going to http://www.sebi.gov.in/Index.jsp?con...&sub_sec_id=38

amitsharma · #4 24th February 2006, 12:41 PM

Hi

This is a big shame Brokers like Karvy into neck deep of Mud.....this is all happening and still happening . I think you must directly contact India Express people beacuse they where first to bring out the news of frauds against Indiabulls. You can also contact Suchita Dala at www.suchetadalal.com and try to bring such news in public Investors must know how they fooling around..........too.

aca_trader · #5 24th February 2006, 07:11 PM

Quote:

Originally Posted by Maheshwar

Dear Members,

This is Mahesh, I am working for ITC Infotech, Bangalore.

This is regarding the investment I have done in KARVY commodities broking Ltd., Road No. 10 Banjarahills, Hyderabad.

Regards,
Mahesh

It's very sad to know about the fraud committed on you.I will suggest taking three actions simultaneously:
1. File a fraud report with the local police station. This is a must and the first action.

2. File a complain with SEBI.

3. File a complain with the consumer forum. You may try to first register your complain with the core group (www.core.nic.in)

Best Regards,
--Ashish

nanabala · #6 25th February 2006, 09:59 AM

Dear mahesh,

As for as I know, SEBI is nothing to do with Commodities.... You should contact Forward Market Commossion (FMC) ..... google it.....you will get to know about the coordinates

Regards

nanabala · #7 25th February 2006, 12:20 PM

Dear Mahesh,

Here goes the details of FMC.

Forward Markets Commission is a regulatory body for commodity futures/ forward trade in India. This was set up under the Forward Contracts (Regulation) Act of 1952.

It is responsible for regulating and promoting futures/ forward trade in commodities.

The Forward Markets Commission's Head Quarter is located at Mumbai and Regional Office at Kolkata.

The Address of the contact person is as follows :-
The Chairman, Forward Markets Commission, Ministry of Consumer Affairs, Food and Public Distribution, (Department of Consumer Affairs), Government of India, "Everest", 3rd floor, 100, Marine Drive,Mumbai - 02 .
Telephone No. (022) 22811262 / 22811429, Fax No. (022) 22812086,
E-mail :- fmc@bom5.vsnl.nic.in , Web-site :- www.fmc.gov.in

Regards

Mamta · #8 27th February 2006, 09:25 AM

Quote:

Originally Posted by nanabala

Dear mahesh,

As for as I know, SEBI is nothing to do with Commodities.... You should contact Forward Market Commossion (FMC) ..... google it.....you will get to know about the coordinates

Regards

HI
I have read the message of Mahesh fully, It says he paid money to Zaheer - employee of Karvy. I think Karvy can not be held responsible for that. You should have given cheque to Karvy. This becomes a personal money to an individual. Its like I give the money to Mahesh and then on non payment - claim it from ITC Infotech (employer). I agree with Vicky. Let us not use this genuine form to misleads the real investors.
regards.

Mamta · #9 27th February 2006, 09:28 AM

HI
I have read the message of Mahesh fully, It says he paid money to Zaheer - employee of Karvy. I think Karvy can not be held responsible for that. You should have given cheque to Karvy. This becomes a personal money to an individual. Its like I give the money to Mahesh and then on non payment - claim it from ITC Infotech (employer). I agree with Vicky. Let us not use this genuine form to misleads the real investors.
regards.

pragnya · #10 27th February 2006, 01:00 PM

It is common sense to never issue a blank cheque or a cheque in favour of a person who is merely representing a company. The customer should always press for the copy of the agreement and receipt with the company seal for the payments made. When a person makes investments of any nature, it is his prerogative to check the above things and also credentials of the person he is dealing with.

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