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Fraudulent use of DP account by the staff members (Religare Securities Ltd.)

This is a discussion on Fraudulent use of DP account by the staff members (Religare Securities Ltd.) within the Stock Market forums, part of the Investment category; Respected sir, Subject: Fraudulent use of DP account by the staff members (Religare Securities Ltd.) I have an account "AK11259" ...

  1. #1
    dablu is offline Junior Member
    Join Date
    May 2009
    Posts
    1

    Default Fraudulent use of DP account by the staff members (Religare Securities Ltd.)

    Respected sir,

    Subject: Fraudulent use of DP account by the staff members (Religare Securities Ltd.)

    I have an account "AK11259" with Religare Securities Ltd, in which I had 25 and 65 shares of "Reliance Power" and "Rural Electrification Corp Ltd" respectively which were allotted through IPO.

    ISIN Nos:

    Reliance Power: INE61401033
    RECLTD: INE020B01018

    On 11th May'09, I thought to sale off those shares from the account and submitted the delivery slip for the same at the branch office "JMD Tower, Gurgaon".

    I got the confirmation message from "TA-Religare" on the same day at 6:48:01 pm for the successful transaction.

    The Price on which shares were sold:

    RELPOWER: 129.1x 25 = 3227.5
    RECLTD: 114.30 x 65 = 7429.5

    Total: INR - 10657

    After two days, when I went to request them for transferring the amount to my saving account, I was informed that 50 Reliance Petroleum" shares were sold from my account and are pending for auction:

    When I asked for the reason, why it is sold from my account, I never had “Reliance Petroleum in my account? They did not have an answer for this.
    Also, I was informed that only INR 9300 is present in my balance instead of 10657.

    It raises few concerns:

    1. How can they use someone's Offline DP account, without intimating?
    2. If it has been intentionally, it must be happening with several other users as well
    3. I was able to find out this difference because the amount was not very big, what they would be doing with someone who has invested huge.
    4. There is a fraud of almost 13%, and I believe, it is very huge %age.

    I would request you to intervene and resolve the issue, and also it must be a lesson for them for any future misuse.

    Thanks in advance!

    Arun Kumar
    AK11259

  2. #2
    Unregistered Guest

    Default Beware of Religare !!

    Religare(off-line) is the worst broker of all!!
    They call up their clients to take very risky positions.
    They create huge losses for their customers.
    They advice not to put stop loss?!!!??
    They take opposite positions and keep chasing you even if you do not want to do any trading.

    Most greedy broker of all.

    Beware!!, Beware!! of Religare.

  3. #3
    mohd.ubaidd is offline Member
    Join Date
    Jan 2011
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    Default

    I know I have experienced it and I know more than 10 people who have experienced the same

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