Groww news update:
Popular trading platform Groww faced heavy backlash on social media over the weekend after a customer alleged that her sister experienced fraud after investing through the financial services platform.
According to Hanendra Pratap Singh, who raised the issue in a social media post, his sister invested money in a mutual fund, and Groww generated a folio displaying the current amount and growth.
However, when she attempted to redeem the investment, she discovered that the folio number did not exist, and all related details were allegedly false.
A Groww user has claimed fraud regarding the deduction of money without an actual investment, prompting a clarification from the platform and a refund of the customer’s money.
Hanendra Pratap Singh alleged in a social media post that the Groww app took his money but did not invest it into a mutual fund scheme. He further claimed that Groww generated a false folio number that did not exist.
Singh discovered the issue when his sister tried to redeem the investment. Although the original social media post has been deleted, screenshots are still being circulated by other users on X (Twitter).
In response to one of these posts, the fintech admitted that “the customer’s dashboard erroneously reflected a folio” but stated that no transaction took place and no money was deducted from the account.
The company also mentioned that it credited the money back to the customer’s account in “good faith” and requested the bank statement showing the debit at the time of the alleged investment.
The company stated that it resolved the issue by deleting the erroneous folio from the user dashboard, which Singh confirmed in a subsequent post.
A Groww spokesperson did not immediately respond to Moneycontrol’s request for comment and further clarification.
