KARVY Fraud in MCX (Clients grievance)

[iamapunter]

Dear Mahesh

I have been in this market for last 2 years , I would say from day one of this market. What ever has happened to you has because of an individual,

I would like to comment upon the quote made by Amit Sharma , as an Investor one should 1st know where the money is being deployed, coz at the end of the day it his hard earned money. More over before putting the name of any Broker , we should know what exactly the whole truth is all about. I have been doing my trades through KARVY for last 3 years , initially I was trading only in F&O. But from the day they started commodities, I have been doing it with them only. I have not faced such problems (Mahesh's kind). I take care of my trades , make sure that my contract note is received in time, I see that the dealers give the updates of the market at regular interval & last but not the least i keep a regular check on my balances. These are some important points which we should check while entering into trading activity.

I would to agree upon Pragnya and Mamta ; how can one give cheque/DD/Cash to the employee of the organisation !! Irresspective of the fact that, How good the employee may be. More over if a person is giving DD /Chq or cash to an individual, I would question the source of INCOME of Mahesh the money which the invested through Zaheer, That means he was not ready to invest directly through KARVY , as karvy would have asked him all the details for fullfilling the exchange norms for alloting code for client.

For the issue relating to payment of money by Karvy to the aggreived parties, it is the goodwill gesture shown by KARVY, since the fraud has taken place through one of its employee.

So, Instead of pulling KARVY into the issue , Mahesh should try to recover the money from ZAHEER & Learn how to start a trading.

Regards

I am a Punter

Nirmal Mansoar
Delhi

 

[VICKY_SEEKINGINR]

Dear Mahesh

I have been in this market for last 2 years , I would say from day one of this market. What ever has happened to you has because of an individual,

I would like to comment upon the quote made by Amit Sharma , as an Investor one should 1st know where the money is being deployed, coz at the end of the day it his hard earned money. More over before putting the name of any Broker , we should know what exactly the whole truth is all about. I have been doing my trades through KARVY for last 3 years , initially I was trading only in F&O. But from the day they started commodities, I have been doing it with them only. I have not faced such problems (Mahesh's kind). I take care of my trades , make sure that my contract note is received in time, I see that the dealers give the updates of the market at regular interval & last but not the least i keep a regular check on my balances. These are some important points which we should check while entering into trading activity.

I would to agree upon Pragnya and Mamta ; how can one give cheque/DD/Cash to the employee of the organisation !! Irresspective of the fact that, How good the employee may be. More over if a person is giving DD /Chq or cash to an individual, I would question the source of INCOME of Mahesh the money which the invested through Zaheer, That means he was not ready to invest directly through KARVY , as karvy would have asked him all the details for fullfilling the exchange norms for alloting code for client.

For the issue relating to payment of money by Karvy to the aggreived parties, it is the goodwill gesture shown by KARVY, since the fraud has taken place through one of its employee.

So, Instead of pulling KARVY into the issue , Mahesh should try to recover the money from ZAHEER & Learn how to start a trading.

Regards

I am a Punter

Nirmal Mansoar
Delhi

Hi Punter

Nice explanation. I have one question about
contact note. Currently I am with indiabulls
and I check my Contract on daily basis (Online)
Online contract notes has the same Value as the paper contract notes? coz online contract notes are with signature.

And one question about Karvy. for Fno Trading. How much brokerage they charge and how is the trading platform ? on website or with software?

Thanks
Vicky

 

[itsmepoo]

Hi Mahesh,

Mr Mahesh the loss you have incurred is huge....but blaming KARVY for it is totally wrong....the way you have traded looks like instead of you trading with karvy you have traded with Zaheer......

I think everyone knows that when you give a cheque for trading you give it in the name of the company and not in the employee....secondly you should have taken interest in the trading by asking for the contract notes ......

Is this the first time you trading.....? if it is then this experience will definitely teach u how trade.....

Hopefully you have understood that instead of blaming others you should realize what mistakes you have made.

"Prevention is better than Cure"


Love,
Pooja

 

[srikrp]

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,

Can you give me your e-mail id. I have some friends in the media and I will try to contact them for this case.

Regards,
Srikanth

 

[aca_trader]

Dear Friends,

Maheshwar might have been wrong but telling him faults at the moment won't do any good. He just needs to know the remedies available to him. How much he was wrong and how much he was fooled will all depend upon the representation made to him which we have no knowledge as of yet. Though I believe all the representations must have been oral and will be difficult to prove in a court of law.

About common sense and all, it's so good to say it later on but tell me how many of the persons do read the contaract they sign with their brokers/bankers in detail and still how many of them are able to decipher the legality involved in it?

This is a lesson for everybody to understand the implications of signing a document before using the pen.

Best Regards,
--Ashish

 

[rajakrsnan]

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

It's really bad. Karvy is already in deep **** for opening multiple depository accounts in the IPO scam.

Mr.Mahesh, have you checked whether Mr.Zaheer Abbas Shaik is a employee of Karvy?
While signing the agreement have you retained photocopies of the same before handing over to Mr.Zaheer?
IF you have given him a blank cheque or Cheque favouring Mr.Zaheer, who's to be blamed for ?
Did Karvy sent you a letter stating they have opened trading account for you? If not, how can they send you contact notes? Contract notes will be issued only to those who hold a trading/investment account with the firm.

I've noticed from your posting here that Karvy has been sending contract notes showing profits through Zaheer. If the contract notes are indeed issued by Karvy, then you have a valid case Karvy and Zaheer. About cheques issued, from what you have mentioned I feel that you have issued a signed cheque with just the amount and no name. Zaheer must have taken advantage and made good use of it by making a pay order from IDBI Bank.

At any time did you try to ascertain whether Zaheer is a employee of Karvy? If you have proof of having drawn Pay order favouring Karvy, then to whose account was credit given. Mahesh I suggest that you go to IDBI Bank and request them for the pay order nos. and date on which it was issued. One thing is clear, Karvy has received the money, but to whose account they gave credit for having received the payment.

As claimed by you, that Karvy was into a loss of 84 Lacs in December 2005 and Zaheer has been prompted by Karvy to get new clients to coverup losses - i just cannot understand the link. By getting new clients, how the hell Karvy can make up the loss? It must be Zaheer who was into loss and fooled you and 30 other into parting with your hard earned money. If Karvy has collueded with Zaheer then you can go for thier ass!

As for the country manager's denial -
if Karvy received the pay orders, they have to admit from whom they received. If not, there is something fishy which they do not want anyone to know.

You've also mentioned that Karvy is settling 60% of the amount to account holders. Who are these account holders? Its normal practice for all broking houses to intimate the clinets through a letter they have opened a account for them which contains the account number also. If Karvy is settling accounts, again one thing is becoming clear - they are admitting that they have colluded with Zaheer. If not they owe you an explanation - not a vague explanation.

Mahesh, where did you lodge a complaint against Karvy - i mean with Police, SEBI or any other competent authority?

You can contact me at [email protected]

Raja Krsnan.

 

[goldman]

I would like to request all people that before signing any document one should read it carefully. And one should not blame others for the mistakes they have done. Mr Manaeshar should not say this that this is fault of the broker , its fault of the person , as in any account opening form for trading members accept Cheques favouring members and not any specific person.

So brokers has nothing to do with it.

Since you have lost money the only way out is you can lodge a compalin against the person you have given money. And its the only way out to recover your fund.

Regards
Goldman.

 

[Mamta]

Re: Fraud in MCX (Clients grievance)


Dear all,
I tried to find out details from my sources, so far my view is that:-
This Mr Mahesh is a fraud, he has not given any money to Karvy.
Pl ask him to provide you (any of you) the proof that he gave the money to Zaheer or Karvy!!
When he is in Bangalore; how come he paid money to Zaheer or Karvy at Hyderabad??? While a company like Karvy has many branches in Bangalore.
When he does not have any account with Karvy then how come he is talking about the contract notes etc... he is infact misguiding all of us. Hope all understand this kind of people.

 

[itsfairdeal]

Re: Fraud in MCX (Clients grievance)

Hi all, This Mr Mahesh seems to be liar and trying to misguide all of us. I have been dealing with Karvy for last one year in commodities, they are best in services and handle my account very well. This Mr Mahesh has given money to Zaheer then whey is he asking from Karvy?? Is he so dump that does not understand this? Secondly as said my Mamta - how come he know Zaheer in Hyderabad when he is in Bangalore?? Guys there is something fishy with this person! When he does not have account why is he talking about contract notes?? Its simple how any company can take money from other to cover its loss? How does he knows the loss 84 lac and manipulated contract notes? Everyone knows the contract notes are issued automatically as per exchange rules and no one can manuplate them. I would like to take it with his employer also to check his credentials. Hope seniors agree with me.

 

[pkjha30]

Hi Punter

Nice explanation. I have one question about
contact note. Currently I am with indiabulls
and I check my Contract on daily basis (Online)
Online contract notes has the same Value as the paper contract notes? coz online contract notes are with signature.
Thanks
Vicky

HI Vicky
This one I can assure you that they are as good as paper contract note.If you want you can keep a digital record or printout of the same. Will be admissible in any cout of law. However digital signature at the time of signing must be a valid one, which can be cross verified.
pankaj