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Denial of Service by Stocks Advisory Company & Fraud
17-Oct-2023 (In Criminal Law)
An Indore based stocks advisory company approached me with a package to invest in the stock market.The company represntative made promises like '100% return' and 'money back guarantee' both on phone & Whatsapp. They said highly qualified 'researchers' would handle my account.Initially i refused but for 2 weeks he constantly kept calling & texting.Finally i agreed & bought their service which was for 45 days.Within 10 days they suffered heavy losses and my capital came down to 0.Now the company is refusing to trade any further even though i have 35 days left on my plan.When i asked about the 'researchers', i was told that they are kept hidden from clients.Now they are not even answering my calls. The past performance sheets they've put on their website are also fake.Even though they are registered with SEBI, they have mentioned '00000' in the field for phone number on SEBI website.They have a no refund policy. Is it possible for me to take any action against them and recover my money?
you can definitely take recourse to criminal complaint u/s 420, 409 IPC and relevant provisions of SEBI Act. these kind of scams are investigated into by a specialized wing called SFIO ( serious fraud investigating Office ). However, before approaching SFIO, you must draft your complaint meticulously, after consulting a legal expert. The documentation and paperwork has to be quite precise and unambiguous.
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25+
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Adv. Atul Guleria
Delhi | 25+ Answers
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You may file complaint with SEBI.Sebi has clearly laid down the framework for investor redressal and every exchange has an arbitration panel in place to hear such investor complaints.
A POLICE COMPLAINT AGAINST THE COMPANY AND DIRECTORS MAY BE FILED FOR CHEATING FOR CHEATING AND CRIMINAL BREACH OF TRUST.
A PRIVATE COMPLAINT AGAINST THE COMPANY AND DIRECTORS MAY BE FILED FOR CHEATING AND CRIMINAL BREACH OF TRUST
A POLICE COMPLAINT AGAINST THE COMPANY AND DIRECTORS MAY BE FILED FOR CHEATING FOR CHEATING AND CRIMINAL BREACH OF TRUST.
A PRIVATE COMPLAINT AGAINST THE COMPANY AND DIRECTORS MAY BE FILED FOR CHEATING AND CRIMINAL BREACH OF TRUST
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Adv. Urfee Haider
Delhi | 200+ Answers
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