India Infoline IPO fraud-anyone else faced it?

[ravi_s_ghosh]

I applied for Reliance power IPO from 5paisa online interface and then they sent me the confirmation email that is as following:

Dear Investor,
Thank you for investing in IPO.Kindly note down your confirmation details as follows:
UserId : ravihosh
Transaction Code : IPOI160584
Amount : 25875
Status : SUCCESSFUL
SchemeName : RELIANCE POWER LTD (PART PAY)
Bank Ref.ID: 0051174434
Bank : ICICI
Warm Regards,

Then on 29th Jan, I found that there was no application number for Reliance Power IPO and hence I sent them a mail regarding clarification and they replied back stating:

Dear Client,


This is to inform you that your transaction for Reliance Power IPO is rejected due to some technical error beyond our control.
You shall soon receive your funds via online bank transfer or through a Cheque/DD/Pay Order sent at your communication
address registered with us.

If you have any queries or if you do not receive your funds by 6th February,2008 then kindly contact us on 022 - 67770952/53/54/55 or simply mail us at [email protected]

We sincerely apologize for the inconvenience caused.

Regards,
Team Online
India Infoline

This has happened to me second time. I'm smelling a rat here. It seems they use investors' funds for their credit requirements and tell the customer that there was a technical problem. IN this way, they get a free credit for 20 days.

Have anybody else faced similar problem with 5paisa. If so, then we must inform sebi about this. Please post here if you similar stories with 5paisa IPO.

Also, 5paisa' claim that it has online IPO facility is itself a joke, 8 out of 10 IPOs are not available for online.

 

[VasanSuccess]

thats so bad. Ask for the reference and why the Refund take so much time

 

[basudeo]

Hi Ravi,

5paisa is No. 1 cheater and he has been cheating people in this way from the beginning.

U should ask your legal advisor and file a suit at consumer forum and demand 100% compensation, that is 25875*2. I am sure u will win.

 

[yas]

hii

i have another prob... i am applied 225*430-96750 but i didnt get any share..how can its hapnd...i chq karvey i saw applic. no...allotment 0... can i have posible to chq how many shares 5 paisa applied to my side.....

when our refund is coming....which date....stuck my 1 lack...plsssssss replay..

rgds
yasin....