Another Victim

#1
Hi I am a newbie to this forum and for the Stock Markets as well!!
In 2011 August I opened a Demat account with a company called Emkay Global finance, two Relationship managers called Rakesh PH and Shilpa Manjunath came to my residence in Bangalore to take some signatures on the application form. They were referred by a good friend of mine.

I told them that I was interested in investing Gold in such a way that I should be able to sell and buy whenever I wanted. I paid 4.9 lakhs through a cheque to the company. Whenever I requested for a report on what is going on with my account they sent me false reports which always showed me that I was in profit. This was sent through their official e-mail ids. When I questioned them why they invested in shares they said that would make good money for me and they assured verbally that nothing will happen to my money. In Oct 2011 I went to Chennai from Bangalore I was in constant touch with these two. They also told me that I would get some mails Called Contract NOte and confirmation NOte they asked me to ignore it. To be frank They also told me that there is no option to view my reports online. In Dec again I asked them for reports they sent me a false report again. In Feb 2012 they called me to my Chennai no. and said that they both are shifting to a different company and convinced me to transfer my account they both were ready to travel to Chennai just to take my signatures.

After signing the transfer application I came to USA after which they both never answered my calls. I have a small baby got busy with her and other family things and lost the track of this. In April 2012 something told me that I have been cheated and contacted the new company to know my account details they said my account is not opened with them then I called up Emkay and they sent me the statements which had only Rs 21,000. I am not able to understand what these two have done with my money. My husband also has no knowledge about stock and such things. I showed the reports to my friend and my brother he said that they have traded in Futures and Options becoz of which there is so much loss.

What can I do about this now? Mean while in Sep 2011 my mobile no. is changed in the company's database. The new no. is not mine and I guess Rakesh is using that no. now. Me being in USA I have family constraints because of which I am not able to travel to India someone please guide me. This is my hard earned money which I earned it before getting married this is affecting my personal life very much. you know how it is when in laws know that you are a fool....

Against whom should I take the action? where should we report this?
They both are working in Future capital now, very soon they might change their company since the new manager knows about this act of theirs.

regards,
Madeen:(
 

SavantGarde

Well-Known Member
#3
I am sorry to say.... but you have got into this mess because of your ignorance...... You should have made it a point to read everything including your (Client) rights as laid out by SEBI (Regulator) & NSE..!!!

Misdeeds of Employees are a company's liability ....therefore take up the matter with company and filing a complaint with SEBI & NSE ....include all the emails & correspondence.....that you had with the two representatives of EMKAY.....!!!

Suggest you don't take it easy....because the resolution to this will take some time.....but with adequate proof you can get back all your money including penalties & interest levied on EMKAY....!!!

At first start with EMKAY.... and tell them in no uncertain words that if they do not reimburse all your money...you are taking this to SEBI & NSE....!!!

Insist on emails ....for correspondence....and incase you do speak to anybody from EMKAY on the phone...note their Name, Designation & email address and please follow it up by sending an email of the conversation on the phone....!!!


SG

Hi I am a newbie to this forum and for the Stock Markets as well!!
In 2011 August I opened a Demat account with a company called Emkay Global finance, two Relationship managers called Rakesh PH and Shilpa Manjunath came to my residence in Bangalore to take some signatures on the application form. They were referred by a good friend of mine.

I told them that I was interested in investing Gold in such a way that I should be able to sell and buy whenever I wanted. I paid 4.9 lakhs through a cheque to the company. Whenever I requested for a report on what is going on with my account they sent me false reports which always showed me that I was in profit. This was sent through their official e-mail ids. When I questioned them why they invested in shares they said that would make good money for me and they assured verbally that nothing will happen to my money. In Oct 2011 I went to Chennai from Bangalore I was in constant touch with these two. They also told me that I would get some mails Called Contract NOte and confirmation NOte they asked me to ignore it. To be frank They also told me that there is no option to view my reports online. In Dec again I asked them for reports they sent me a false report again. In Feb 2012 they called me to my Chennai no. and said that they both are shifting to a different company and convinced me to transfer my account they both were ready to travel to Chennai just to take my signatures.

After signing the transfer application I came to USA after which they both never answered my calls. I have a small baby got busy with her and other family things and lost the track of this. In April 2012 something told me that I have been cheated and contacted the new company to know my account details they said my account is not opened with them then I called up Emkay and they sent me the statements which had only Rs 21,000. I am not able to understand what these two have done with my money. My husband also has no knowledge about stock and such things. I showed the reports to my friend and my brother he said that they have traded in Futures and Options becoz of which there is so much loss.

What can I do about this now? Mean while in Sep 2011 my mobile no. is changed in the company's database. The new no. is not mine and I guess Rakesh is using that no. now. Me being in USA I have family constraints because of which I am not able to travel to India someone please guide me. This is my hard earned money which I earned it before getting married this is affecting my personal life very much. you know how it is when in laws know that you are a fool....

Against whom should I take the action? where should we report this?
They both are working in Future capital now, very soon they might change their company since the new manager knows about this act of theirs.

regards,
Madeen:(
 

meena07

Active Member
#4
Madeen, i pray u get justice.

I do not know on which documents you signed and whether you gave them authority to opearate your account or whether it was sort of PMS (Portfolio Management System). Lots of TnC which goes against us.

But 2 points are in your favour :
they sent me false reports which always showed me that I was in profit. This was sent through their official e-mail ids
You ask Emkay for same date reports.And then ask them clarification for discrepancy as 'fake' reports were sent from official id. Though those persons are no longer their employees, but as you said earlier your account is still with them with 21000 balance.
Emkay will take steps ,rather they will HAVE TO take steps if your case is valid. ( Don't mind. i mean valid legally.)

Also you mentioned your number in database was changed. Check that form. Whether those were your own signatures taken ? or Counterfeit signs?
If they are counterfeit, there's one more plus point in your favour.

Take your husband in confidence. I guess he is IT professional. Take his aid in communications.

4.9 lacs translates to 'only' 10k USD. Since, you are living in US, you will eventually 'get adjusted' with that loss......this is not my thinking.This can be the way, those persons are thinking. I understand well the value of hard earned 'one' rupee.

Take steps fast...
All the best
 

SavantGarde

Well-Known Member
#6
Madeen, i pray u get justice.

I do not know on which documents you signed and whether you gave them authority to opearate your account or whether it was sort of PMS (Portfolio Management System). Lots of TnC which goes against us.

But 2 points are in your favour :


You ask Emkay for same date reports.And then ask them clarification for discrepancy as 'fake' reports were sent from official id. Though those persons are no longer their employees, but as you said earlier your account is still with them with 21000 balance.
Emkay will take steps ,rather they will HAVE TO take steps if your case is valid. ( Don't mind. i mean valid legally.)

Also you mentioned your number in database was changed. Check that form. Whether those were your own signatures taken ? or Counterfeit signs?
If they are counterfeit, there's one more plus point in your favour.

Take your husband in confidence. I guess he is IT professional. Take his aid in communications.

4.9 lacs translates to 'only' 10k USD. Since, you are living in US, you will eventually 'get adjusted' with that loss......this is not my thinking.This can be the way, those persons are thinking. I understand well the value of hard earned 'one' rupee.

Take steps fast...
All the best
Meena,

Couldn't have been PMS ...because as per SEBI regulation minimum PMS amount is 5.0 Lacs.... and Madeen mentions having given 4.9 L....!!!


SG
 
#8
Thank you all for the replies and suggestions
Yes I have to accept it that my ignorance has resulted in this loss.

The company clearly told me that its not their fault and I can not do anything against them coz they have all documents which entitles them to do the trade on behalf of me. They have taken my signatures on the power of attorney to trade. I am waiting for the letter which requested the company to change my number
I will lodge a complaint with SEBI and hope for justice.

Thanks and again
 

SavantGarde

Well-Known Member
#9
They have only mentioned they have taken signature on POA... ask for the copies because they could be fibbing...and may have taken Demat POA....suggest you ask for copies of all the papers you signed....!!!

If possible scan them and upload it and send me the link through PM would like to have a look at all that you signed.....!!!

Remember, even the mention of going to SEBI & NSE makes the brokers very uneasy and they bend over backwards to sort things out... so do not hesitate to Threaten them...!!!


SG

Thank you all for the replies and suggestions
Yes I have to accept it that my ignorance has resulted in this loss.

The company clearly told me that its not their fault and I can not do anything against them coz they have all documents which entitles them to do the trade on behalf of me. They have taken my signatures on the power of attorney to trade. I am waiting for the letter which requested the company to change my number
I will lodge a complaint with SEBI and hope for justice.

Thanks and again
 

meena07

Active Member
#10
Thank you all for the replies and suggestions
Yes I have to accept it that my ignorance has resulted in this loss.

The company clearly told me that its not their fault and I can not do anything against them coz they have all documents which entitles them to do the trade on behalf of me. They have taken my signatures on the power of attorney to trade. I am waiting for the letter which requested the company to change my number
I will lodge a complaint with SEBI and hope for justice.

Thanks and again
Ask them about emails/ fake reports sent by their employees using official id.
They certainly can not separate themselves from their emplyee's behavior.
But they sent you fake reports from official id and second is regarding phone number change signature.

Are you sure the fake reports were sent from official id ? or were they sent from official 'sounding' id ?
 

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