About Fingravy Wealth Creation

[42bisons]

Hi friends,
i am new to this thing so need your expert opinions. Please enlighten my way.
I was approached by a company Representative of Fingravy who was able to convince me with their money making schemes. I made a hefty deposit of close to 1lac for their services and another 20k to my Demat account with Zerodha. Once it was done they are telling me to complete my RPM (Risk profile Management), without which they will not be able to continue properly, ofcourse for which they are asking me another 21k.

Please tell me these -
1. Should i complete the RPM, for which i have to pay another 21k ?
2. Has anyone ever worked with FIngravy ? if yes please share your experience.?
3. Incase i do not want to go with their services, where should i complain in order to get a refund ?
4. The company rep claims to triple the invested amount in close to 3 months. Is it possible ?

Plan i have choosen : FGWC Future Express

I will be grateful to anyone who can spare a few minutes to answer these questions.

 

[mohan.sic]

Have you paid 1 lakh as their advisory fee for managing 20 k ?
Any way your 20 k is with your zerodha ac. So now worry about 1 lakh.
I don't know what this RPM is and there is no need to go into those details as it appears Fraud on face of it.

Forget about paying more and first think about how to get back your 1 lakh.

Go to their office, and take their SEBI registration numbers ( such advisory firms must have SEBI registration and be sure that is Investment Advisory registration. Because some donkeys are displaying their sub-broking registration numbers on their Tips website ). If they are not registered, its easy for you, else we can talk again.
Hope you didn't pay them in cash. keep your transfer screenshots and bank statements available.

 

[42bisons]

First of all many thanks for replying @mohan.sic I was really lost in here. Here is what i have done so far -
1. I have paid them amount using online payment via their website. I have all the screenshots and text messages and bank statement.
2. I also have a couple of calls recorded.
Their SEBI registration number is INZ000176037 but i am not able to pull up any details.
I received a call from these people today morning as well, they want me to go for RPM so they can start working on my account. Please advice what should i do next. I just want to recover my hard earned money and also aware people of such bogus companies.

 

[kingkrunal]

First of all many thanks for replying @mohan.sic I was really lost in here. Here is what i have done so far -
1. I have paid them amount using online payment via their website. I have all the screenshots and text messages and bank statement.
2. I also have a couple of calls recorded.
Their SEBI registration number is INZ000176037 but i am not able to pull up any details.
I received a call from these people today morning as well, they want me to go for RPM so they can start working on my account. Please advice what should i do next. I just want to recover my hard earned money and also aware people of such bogus companies.

without checking them out or getting details you transferred the money.. well i would suggest ask them to refund the money as some family emergency...
if they deny then file a complaint with SEBI then police... the list goes on ..

but try to get the money out by talking before it reaches to the escalation level..

 

[mohan.sic]

1) Have you visited their office Or Do they have any standard office setup which you know for sure ?

2) I have searched list of SEBI registered- Investment Advisors, Research Analysts & Portfolio managers. I don't see their name " Fingravy Wealth Creation Services Pvt. Ltd."

3) That registration number " INZ000176037" which you have given is flashing in scroll on their website, Right? Have you taken it from the website or did they send you a email ?

Actually, That is a Stock broker registration number and it belongs to Stock Broker " FINVASIA SECURITIES PRIVATE LIMITED "

Same can be verified from SEBI website from below link and also can be seen in Finvisia Website.
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=38

 

[42bisons]

@mohan.sic & @kingkrunal thanks for replying. I also realized just yesterday that this SEBI registered number belongs to a Chandigarh based company called Finvasia. I really feel sorry for myself now as i let them take me for a ride. Yesterday their rep called me again and assured me, if i put some funds in my Demat account they will harvest a good profit in next few days so i can recover my lost money.

Obviously i have stopped any further communications with these people and mailed them to issue me a refund. I will wait for few days and then i will file a complaint at SCORES.

Please let me know if there is anything else i must do at this time, I have not visited these people personally. I am located in Himachal Pradesh.

 

[mohan.sic]

@mohan.sic & @kingkrunal thanks for replying. I also realized just yesterday that this SEBI registered number belongs to a Chandigarh based company called Finvasia. I really feel sorry for myself now as i let them take me for a ride. Yesterday their rep called me again and assured me, if i put some funds in my Demat account they will harvest a good profit in next few days so i can recover my lost money.

Obviously i have stopped any further communications with these people and mailed them to issue me a refund. I will wait for few days and then i will file a complaint at SCORES.

Please let me know if there is anything else i must do at this time, I have not visited these people personally. I am located in Himachal Pradesh.

Why will SEBI entertain complaints against unregistered Intermediary's. I don't think so.

 

[42bisons]

Why will SEBI entertain complaints against unregistered Intermediary's. I don't think so.

True sir, i was not able to lodge a complaint at SCORES against them. This has now turned out to be a case of total cheating and 420. i will now lodge a case in my police station.

 

[mohan.sic]

True sir, i was not able to lodge a complaint at SCORES against them. This has now turned out to be a case of total cheating and 420. i will now lodge a case in my police station.

yes police complaint. Not only cheating and 420 , they are doing illegal business without required registration .
And that is a pvt ltd company and they have 3 bank accounts mentioned on their website under the name of that pvt limited company.

* All Directors and managing persons in that pvt limited company will come under this fraud.

Tell those fellows that's you will drag them, their pvt limited company, all partners & directors, and employees to police station.
Tell them you will forward the complaint along with FIR copy to all 3 banks, expose their fraud activity and get their accounts blocked.
Tell them that you will report this issue to Registrar of companies/ Ministry of Corporate Affairs and blacklist the company Directors DIN numbers.

Do not go soft. Get the call done by a lawyer if you can.

 

[afin]

Hi friends,
i am new to this thing so need your expert opinions. Please enlighten my way.
I was approached by a company Representative of Fingravy who was able to convince me with their money making schemes. I made a hefty deposit of close to 1lac for their services and another 20k to my Demat account with Zerodha. Once it was done they are telling me to complete my RPM (Risk profile Management), without which they will not be able to continue properly, ofcourse for which they are asking me another 21k.

Please tell me these -
1. Should i complete the RPM, for which i have to pay another 21k ?
2. Has anyone ever worked with FIngravy ? if yes please share your experience.?
3. Incase i do not want to go with their services, where should i complain in order to get a refund ?
4. The company rep claims to triple the invested amount in close to 3 months. Is it possible ?

Plan i have choosen : FGWC Future Express

I will be grateful to anyone who can spare a few minutes to answer these questions.

Sorry to be a bit harsh but I will blame you more than anyone else here. YOu fell in for the lure of quick bucks without trying to ascertain anything. You wanted easy money end of the day. It was your greed and laziness for quick money that made you gullible. These companies simply will cease to exist if the demand for them is cut off, else it wil be an endless supply.

I am very sorry you had to go through this. But let this be a learning experience for you and for others. Highlight it as much as possible and good luck trying to recover your money! I am completely unsure if you would recover it at all given the time it takes to go through and the sheer opportunity cost of emotions and resources you would be investing in the entire process. It pains a lot to see money drain down like that in a completely useless way without any real learning from the markets.

I am just iamgining what if you actually employed the 1 lakh rs on your own and tried out a range of strategies yourself, learning from various books and the net and also this forum. There are a big bunch of really nice people who would help you in terms of pointing out the right learning resources. Atleast start doing that now- be it investing for short term/ long term or trading on intraday/ weekly time frames etc etc. The combinations and possibilities are endless!

Again, please do not take it the wrong way. My intention was not to make you feel bad about it. The past is the past, but let this not deter you in what you do in future. Just be more wary and mindful of things! All the best.