Groww Confronts Allegations Of Investment Mishandling On Social Media

Groww, a financial services platform, faced severe backlash on social media after a user accused the company of mishandling an investment. The user claimed that an investment made through the app did not actually occur, and when questioned, the folio details were erased.

The user alleged that his sister's initial investment generated a folio and showed growth. However, problems arose when they attempted to redeem the investment. The mutual fund reportedly stated that the folio number was non-existent. Upon contacting Groww, all details vanished from the dashboard, and customer care stated the amount was never correctly invested.

Groww's Response

The allegations sparked significant concern among Groww's customers on X (formerly known as Twitter). In response, Groww issued a statement on X, explaining that they had clarified the situation to the customer and credited the claimed amount to the investor on a "good faith basis".

"We assure everyone that no transaction took place and the customer's money was not deducted from the customer's bank account in the said matter," read Groww's statement. They added that the customer's dashboard mistakenly showed a folio and they had resolved this reporting issue while remaining in touch with the customer for further support.

Responding to another user's demand for an explanation, Groww's account posted: "To ensure that the investor doesn't get anxious about the claimed amount, we have credited it to the investor on a good faith basis. We have also asked the investor to provide the bank statement evidencing the debit of the said amount claimed to have been invested. This will facilitate our scrutiny, as well as that of our regulators, of the claimed investment in question."

Despite this, many users were not convinced by Groww's defence. They argued that crediting the claimed amount indicated an acknowledgment of error by the platform.

The investor involved also shared a follow-up post stating that the issue was being resolved. "Thank you for all the support and help in getting this post to reach the right people and make the right change. Ideally, I would not have removed the post, but since the amount is significant and important at the moment, I might have to go ahead and delete it. Thank you again. Very much appreciated," they said.

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Published: 24 Jun 2024, 08:11 AM IST