To,
The Consumer Court Head,

Dt.20/11/2010.

Sub: Fraud took place in my trading/demate account by Religare advisor.

Sir/Madam,

I am Parish Joshi, Senior Journalist working with National English Media from Rajkot city of Gujarat state. I am holding demate and trading account with Religare since from its inception in Rajkot. My client ID is N127995. When I was in The Indian Express newspaper, entire staffs of our paper have opened account in Religare, which shows my quite long relation with Religare.

I am hardly doing any trading in my account since I opened it. Recently an advisor from Noida office of Religare, Santosh had call me up from +911206797114 number and asked me to do transactions in my account, which I refused straightly as I did not prefer buying or selling of shares. He gave me his personal mobile number (+918826244758) and told me that Religare has appointed him as my customer relationship officer and when ever I have any work relate to religare, I asked him for service.

Meanwhile, I need little urgent money so I planned to sell out 50 shares of Larsen from my account. I tried all the reliage Rajkot office number which I have with me. Surprisingly entire numbers of Rajkot office have changed and people of Rajkot Religare not even bothered to inform their clients about change in numbers!!!
I dialed national customer care number which mentioned in all official email communication made by Religare (RACE). But it was also changed and found not existed. As no other alternatives, I called up Santosh on his given number and asked him for Rajkot office number. He inquired reason? Thus, I told him that I want to sell shares. He said he will do it for me and he sold my 50 share as per my instructions. At that time he asked me to do little transactions in my account. I again denied him strictly and told him I am not interested.

At the end of the day he called me up and told that he did little intraday work in my account, even though my straight no for it. I told him to clear my account immediately so he said he is sorry and he will do it next day.

I am a senior journalist here and I have to travel in this region for news coverage, so with my team I gone out of station for two days. When I came back I saw around 3 statements received through courier from Religare. I was surprised; I saw it and found so many transactions in my account. Thus, I again called Santosh, he didn’t pick up my phone so I had SMS him to explain this transactions and to clear my account.

On November 19th I get national customer care (cc) number from Santosh, and asked the operator about Rajkot office’s number, but that operator said they have only numbers which mentioned on website and it was not exists. (It shows carless and unprofessional administration of company) Thus, I tried Ahmadabad office number mentioned on its website, but it was also not existed. Finally I tried Baroda office number and from there I got Rajkot office number.

Then I contacted Rajkot executive Shailesh, who checked my account and told me that Santosh had did number of transactions in my account and he made loss of more than rs.1.25 lakh and the amount of my 50 Larsen shares which was of around rs.1.07 lakh was also adjusted against loss made by him.

I found that Santosh had done these transactions without my knowledge in my account with intention of fraud. Santosh has siphon off from my account by made mindless selling and buying transactions. I am surprised that how advisor can make such huge transactions without any monitoring. Is it a way of earning good brokerage??? I doubt that more Religare company people might be involved in it and it’s seems like a scandal.

Company can check from my ten year old history; I had never bought or sold shares or futures from the market on intraday bases. My portfolio is steady since long and I occasionally made transaction for my financial need.

I informed Gujarat head of Religare, Vaibhav Sharma on phone about this fraud on November 19th and to give him evidence I called up Santosh and in conference call I gave evidence to Mr.Sharma that Santosh had made all this transactions without my knowledge and permission.

I request you to take immediate action in this issue and release my money from the company as I have some personal requirement of money which I want to settle from it. So understand my problem and help me out.

I had great regards for religare and that is why I continued my account for more than eight years with them. I was planning to go for term insurance with them. But this untoward incidence has shocked and hurt me badly. I am going through mental trauma these days as I have financial obligations and at this time I was victimized of fraud for that same money which I needed badly.
Waiting eagerly for your reply.

Regards,
Parish Joshi,
Senior Journalist,
Rajkot, Gujarat.
+919825400425.
parishjoshi@gmail.com