In response to a recent social media claim regarding an alleged fraud, Groww, an investment platform, has stepped forward to clarify the situation and reassure its customers about the safety and reliability of its services.
The incident began on June 19, 2024, when a Groww customer reported being unable to redeem a mutual fund investment. Upon investigation, Groww discovered that the customer’s account was displaying an incorrect investment due to a reconciliation (recon) issue. Crucially, it was found that the customer had never actually made this investment, and no money had been deducted from her bank account.
Groww took to X to share a post saying, “A social media post by a customer’s relative is being shared, which is spreading misinformation. We’d like to clear the air about the said claim.”
“A Groww customer reported on June 19, 2024, that she was unable to redeem a Mutual Fund Investment. Upon investigation, we found that the customer’s account was showing an incorrect investment due to a recon issue. The customer never made this investment, and no money was deducted from her bank account. We deeply regret the reporting error and have resolved the issue,” it added.
The issue gained public attention when Hanendra Pratap Singh posted on social media over the weekend, claiming fraud on behalf of his sister. He alleged that money had been deducted from her account without being invested in the mutual fund scheme. Although the original post was deleted, screenshots continued to circulate, prompting Groww to address the misinformation directly.
Groww reassured all its customers that their mutual fund investments are safe on the platform. The company highlighted its ongoing commitment to investor protection and security. To further emphasize this point, Groww’s customer support team is available 24/7 to assist with any queries or concerns, ensuring that all customers can rely on the platform with confidence.
