Groww Faces Social Media Backlash Over Alleged Mutual Fund Investment Fraud, Company Responds

Groww, an investing platform, is at the centre of a dispute that has recently occurred on social media. According to a customer complaint, Groww took money out of his account without really investing it in a mutual fund plan. Take a closer look at what transpired and Groww's response.

User Claims Fraud: Money Debited, Not Invested

The controversy started when a Groww user posted on social media, alleging that even though the app produced a folio number, it did not put his money in a mutual fund. His sister's attempt to redeem the purported investment and discovered that no such investment existed. The user's social media post, which has since been deleted, was captured in screenshots and widely shared on X (formerly Twitter).

Groww's Response: Acknowledgement and Resolution

In response to the uproar, Groww acknowledged the error, explaining that the user's dashboard mistakenly displayed a folio number. They clarified that no actual transaction had taken place and assured that no money was deducted from the user's account.

To alleviate the user's concerns, Groww credited the claimed amount back to the user's account as a gesture of goodwill. They also requested the user to provide his bank statement to verify if any debits were related to the alleged investment.

Official Statement: Assurance and Apology

Groww published an official statement on X to address the issue. They reiterated that the user's account had not been compromised or any money removed. The company expressed regret for the error and acknowledged that the reporting issue had been resolved. They also pledged to keep in touch with the user in case more help is needed.

Latest Update from Groww

In a more recent update, Groww addressed the misinformation spreading due to the incident. They provided a detailed clarification:

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