service charges fraudulently collected by investment advisor
One stock advisory company collected money(Rs.500000) as service charge for getting profit of Rs.31 lakh by trading as per bonanza package. They have also entered into one MOU for that. However, they have incurred losses instead.
Are we entitled for refund of service charges? However, the company says they have no refund policy and profit/loss is subject to market conditions.
Which avenues are open to investors.
Before telling you that you are entitled to refund of service charges or not, we need look at the MOU between you and that company.
But basically procedure to recover money is that you can send a legal notice through an advocate initially.
Thereafter if the company doesn't respond to the same and neither refund your service charges then you can file a case for recovery of dues in the concerned civil court.
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